Investment Banking

BNP Paribas plans deeper cost cutting at investment bank

French bank cuts 2020 financial targets as ‘extreme’ market conditions dent trading revenues

Wednesday 6 February 2019 at 08:39

BNP Paribas plans deeper cost cutting at investment bank
Photo: Photography: Ben Philips

BNP Paribas has pledged hundreds of millions of euros in extra cost cutting at its investment bank, as a difficult year for its trading businesses forced it to trim financial targets.

Reporting its fourth-quarter and full-year earnings on February 6, the French bank said group revenues fell 1.5% in 2018 to €42.5bn. Net profits were down 3% at €7.5bn.