BNP Paribas to spend 1 bln eur on overhaul-union

PARIS Fri Jan 18, 2013 3:32am EST

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PARIS Jan 18 (Reuters) - BNP Paribas, France's No. 1 bank, has told staff representatives it plans to invest 1 billion euros ($1.34 billion) in a far-reaching cost-savings plan, a union source told Reuters.

"The plan, called 'Simple & Efficient', will run through 2015," the source said. "Over 1 billion euros will be spent on planned changes that will potentially affect all of BNP's business lines." ($1 = 0.7486 euros) (Reporting by Lionel Laurent; Editing by Christian Plumb)

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