PARIS ― BNP Paribas plans to cut around 1,200 jobs at its asset management unit by the end of 2027, or about 20 percent of the division’s workforce, as part of cost-cutting measures following its 5.1 billion-euro acquisition of AXA Investment Managers, a union source told Reuters on Thursday.
The French bank announced a voluntary departure plan during a works council meeting earlier on Thursday, with the job reductions to be implemented in three waves starting in mid-2026, the source said.
About 600 positions will be affected in France, the source said, adding that about 230 new jobs would also be created in the country as part of the plan.
In a statement to Reuters, BNP Paribas AM said it would start talks with employee representatives about its so-called "target organizational model" following the legal merger of entities and the creation of a unified asset management structure. It did not elaborate on the number of jobs that could be affected.
The restructuring aims to eliminate duplicate roles in both support functions, such as human resources and legal departments, as well as in investment management operations, the source said. The union source said the figures could still change, with talks due to start early next month.
The bank is targeting 550 million euros in revenue and cost synergies from the AXA IM integration by 2029, it said in October.
The BNP Paribas AM-AXA IM merger created Europe’s third-largest asset manager, with 1.6 trillion euros ($1.88 trillion) in assets under management, behind only Amundi and UBS Asset Management.
