French giant BNP Paribas is pulling up the drawbridge in Switzerland, cutting nearly every fifth job in a restructuring bid.
BNP Paribas, one of the largest foreign banks in Switzerland, is poised for a major round of job cuts, it said in an emailed statement on Friday. Roughly 250 employees of total 1,400 in Switzerland, mainly in Geneva, are expected to be let go next year and in 2021.
«The plan is part of a wider transformation currently underway at group level and would allow BNP Paribas Suisse to increase its efficiency, in particular by better leveraging the synergies
provided through the group,» the bank said. The announcement kicks off employee consultation proceedings on the cuts.
Slew of Headwinds
Besides its Geneva bridgehead, the French bank maintains offices in Zurich, Basel, and Lugano. It cited thinning margins, negative interest rates, stepped-up technology investments, and Europe's feeble economy as the reasons for the cuts.
BNP Paribas, present in Switzerland since 1872, pursues a so-called one-bank strategy: it offers investment banking, wealth management, and a host of services for Swiss corporate clients. The bank said each of the business models had undergone rapid changes over the past few years, forcing it to adapt to boost its competitiveness.
