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BNP Paribas considers axing 250 jobs in Switzerland

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By Reuters
BNP Paribas considers axing 250 jobs in Switzerland
FILE PHOTO: The BNP Paribas logo is seen outside a bank office in Bordeaux, France, October 29, 2019. REUTERS/Regis Duvignau   -   Copyright  REGIS DUVIGNAU(Reuters)

ZURICH (Reuters) – BNP Paribas <BNPP.PA> is considering laying off around 250 employees in Switzerland, France’s biggest bank said on Friday, blaming “major challenges” in the Swiss financial environment and seeks to cut costs group-wide.

The bank said it has begun an employee consultation period, which will to run through Jan. 14, to consider measures that could reduce the number of job cuts which will be implemented in 2020 and 2021.

BNP Paribas said it was facing problems with negative interest rates, shrinking profit margins while keeping up with technology investments.

(Reporting by Brenna Hughes Neghaiwi, editing by John Revill)