FRENCH merchant bank BNP Paribas has become the latest global investment lender to scale back its China operations amid a slowdown in deal making, reports Caixin.
It will be laying off nearly a dozen employees across the Chinese mainland and Hong Kong, according to sources familiar with the matter.
The bank cut what is believed to be 11 positions in its investment banking, corporate finance, and equity capital markets divisions. The layoffs included some senior managers within BNP Paribas' China investment banking team, according to people with knowledge of the matter.
Bankers' registration records with Hong Kong's securities regulator suggest that BNP Paribas may have completed its job cuts by November 8. The bank declined to comment regarding the layoffs.
Bloomberg reported that the cuts represent the first reduction in headcount since BNP Paribas expanded its China investment banking team in 2022, affecting around 10 per cent of its China-related workforce.
SeaNews Turkey
It will be laying off nearly a dozen employees across the Chinese mainland and Hong Kong, according to sources familiar with the matter.
The bank cut what is believed to be 11 positions in its investment banking, corporate finance, and equity capital markets divisions. The layoffs included some senior managers within BNP Paribas' China investment banking team, according to people with knowledge of the matter.
Bankers' registration records with Hong Kong's securities regulator suggest that BNP Paribas may have completed its job cuts by November 8. The bank declined to comment regarding the layoffs.
Bloomberg reported that the cuts represent the first reduction in headcount since BNP Paribas expanded its China investment banking team in 2022, affecting around 10 per cent of its China-related workforce.
SeaNews Turkey
