The biggest French bank has been faring relatively well compared to its rivals in the region, whose profits have taken a hit amid a slow local economy and a push by European regulators seek to limit banks’ risks. BNP Paribas’ revenue increased almost 10% in 2015. Yet even though the bank managed to grow profits during the year (unlike most of its peers), BNP Paribas said earlier in 2016 that it would trim its investment banking division by more than 600 jobs, as its trading business has suffered declines amid market volatility. The cost-cutting effort is designed to bolster capital, which could serve as a margin of safety in the event of a crisis. BNP is also working on spinning off its First Hawaiian Bank subsidiary in an initial public offering in the U.S. later this year.
News about BNP Paribas
Leaving the firm with slightly more than 200 bankers across Asia outside Japan.
Revenue at the world's 12 largest investment banks fell 25% in the first quarter from a year ago.
They were accused of conspiring to rig the "ISDAfix" benchmark.
Citigroup, Visa, and Bank of America are among those that made the cut.