BNP Paribas Lease Group to cut hundreds of European jobs?

07/02/2010

A French newspaper has reported a story that BNP Paribas is to cut 381 leasing jobs as part of the continued fall-out from its acquisition of Belgium's Fortis Bank, during the credit crunch. The posts are to be shed in France, and across Europe, as BNP Paribas Lease Group and Fortis Lease come together, said the newspaper citing a “good source.”

In early 2009, Fortis shareholders approved BNP's purchase of a 75 percent stake in Fortis Bank. BNP Lease Group France and its divisions employ around 2,500 people worldwide, while 800 work for Fortis Lease, the newspaper said.

As the job cuts are said to be Europe-wide, some jobs may go in the UK, where Fortis Lease had its head office in Glasow, and BNP Paribas Lease Group has its head office in Basingstoke. Apparently in 2008, BNP Paribas in Glasgow hired a culture consultant who prescribed more laughter for its staff in an attempt to jolt them out of the credit crunch blues. Doubtless a great idea then, but may sound a bit odd now.

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