BNP Paribas Cuts Targets as Quarter Marked by One-Time Hits (2024)

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How much is BNP Paribas cost cut? ›

BNP Paribas, the eurozone's largest bank, on Wednesday (Mar 13) said it will step up its cost-cutting plan by 400 million euros (S$582.7 million) after reporting weak results for the fourth quarter.

The Banque de Paris et des Pays-Bas (“Bank of Paris and the Netherlands”), generally referred to from 1982 as Paribas, was a French investment bank based in Paris.

BNP Paribas was established in France as a Partnership Limited by Shares. They are authorised and supervised by the European Central Bank (ECB), the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and the AMF (Autorité des Marchés Financiers).

As the European Union's top bank, BNP Paribas stands out due to its robust integrated and diversified model structured around three operating divisions.

PARIS, March 13 (Reuters) - BNP Paribas (BNPP.PA) , opens new tab, the euro zone's largest bank, on Wednesday said it will step up its cost-cutting plans by 400 million euros ($437 million) after posting weak fourth-quarter results last month. The new plan will boost its 2022-25 savings goal to 2.7 billion euros.

The highest-paying job at BNP Paribas is a Director with a salary of ₹95.0 Lakhs per year. The top 10% of employees earn more than ₹20.97 lakhs per year. The top 1% earn more than a whopping ₹45 lakhs per year.

The French bank managed investments worth several hundred million euros on behalf of a Cypriot company that French and American investigators are looking into. 4 min. It is a sensitive case, involving judicial authorities on both sides of the Atlantic.

BNP Paribas (sometimes referred to as BNPP or BNP) is a multinational universal bank and financial services holding company headquartered in Paris, France. It was founded in 2000 from the merger of two of France's foremost financial institutions, Banque Nationale de Paris (BNP) and Paribas.

Moreover, the BNP Paribas Group is exposed to the risk of operational failure or interruption of a clearing agent, foreign markets, clearing houses, custodian banks or any other financial intermediary or external service provider used by the BNP Paribas Group to execute or facilitate financial transactions.

J.P. Morgan scored higher in 9 areas: Overall Rating, Culture & Values, Diversity & Inclusion, Senior Management, Compensation & Benefits, Career Opportunities, CEO Approval, Recommend to a friend and Positive Business Outlook. BNP Paribas scored higher in 1 area: Work-life balance.

Is BNP Paribas doing well? ›

BNPP said group net income fell by 2.2% to 3.10 billion euros, beating the 2.4 billion expected on average by 19 analysts polled by the company. Overall revenue fell 0.4% to 12.5 billion euros but topped the 12.2 billion expected by analysts. The bank managed to lower operating expenses at a faster pace, though.

BNP Paribas has won Inflation Derivatives House of the Year and Credit Portfolio Manager of the Year at the Risk Awards 2024. These awards confirm the continued strength and resilience of BNP Paribas' Corporate and Institutional Banking (CIB) during the current period of high interest rates and uncertain markets.

The BNP Paribas group is structured on guiding principles. They are deeply rooted in the values of the group which create unity and cohesion through common action. BNP Paribas has defined four core values: responsiveness, creativity, commitment, and ambition.

In the spirit of the Group's slogan "The Bank for a changing world", our values are positive, forward-looking, future-positive, client-oriented, human, responsible and enthusiastic.

What Is Cost Cutting? Cost cutting refers to measures implemented by a company to reduce its expenses and improve profitability. Cost cutting measures are typically implemented during times of financial distress for a company or during economic downturns.

Cost cutting is when an organization takes certain actions or measures to reduce its costs directly. Companies can implement cost-cutting measures to improve their profitability during an economic downturn, for example.

Fitch has also affirmed BNP Paribas Fortis SA/NV's (BNPP Fortis) VR at 'a+' and Long-Term IDR at 'A+' and BGL BNP Paribas (BGL BNPP)'s Long-Term IDR at 'A+'. The Outlooks on the Long-Term IDRs are Stable.