BNP Paribas plans to cut 1,400 corporate and investment banking jobs worldwide, a spokesperson from the bank tells GTR.

“BNP Paribas, like all banks, must adapt its business to the new regulatory environment, which impacts in particular on capital market activities and structured finance activities. As part of this adaptation plan, BNP Paribas will reduce its corporate and investment banking headcount by around 1,400 positions worldwide,” the spokesperson confirms.

Other reports this week suggest that Société Générale will be next in line to make redundancies. When contacted by GTR, the bank could not confirm when this would take place and which departments it would affect.