French bank BNP Paribas pledged to keep cutting costs and staff amid a lacklustre economic environment after reporting a 45 per cent drop in first-quarter net income on Friday.
France’s No. 1 listed bank, which is heavily exposed to the recession-hit euro zone, is in the early stages of a plan to save 2 billion euros (HK$20.39 billion) annually by 2015.
“We are improving the efficiency of the retail business in France, tackling the cost base,” BNP chief executive Jean-Laurent Bonnafe told Reuters Insider television. “We are optimising all dimensions.”
via Business feed http://www.scmp.com/business/banking-finance/article/1229172/bnp-paribas-pledges-cuts-after-profits-fall
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