Source: Insiders: BNP Paribas Asset Management in Paris, France will lay off 20% of its staff.

A union official said that French bank BNP Paribas plans to cut around 1,200 jobs in its asset management department by the end of 2027, which represents about 20% of the total number of employees in that department. This is part of cost-cutting measures following the 5.1 billion acquisition of Ansaldo Tourism Management by the bank. The official said that BNP Paribas announced a voluntary departure plan at a labor-management meeting earlier on Thursday, with layoffs to be carried out in three waves starting from mid-2026. The official stated that around 600 positions in France will be affected, and as part of the plan, the French department will also create around 230 new positions.