PARIS Feb 14 BNP Paribas said it
would kick off a three-year plan designed to save 2 billion
euros ($2.69 billion) in costs annually after its fourth-quarter
profits were hit by Europe's low-growth economic environment.
BNP said on Thursday the savings would come from simplifying
its reporting structure and from investing in technology
improvements. It said no business would be shut down.
France's No. 1 listed bank reported a 32.8 percent fall in
net profit for the fourth quarter of 2012 to 514 million euros.
Analysts had been expecting a profit closer to 1.0 billion,
according to a Thomson Reuters I/B/E/S average poll forecast.
($1 = 0.7442 euros)
(Reporting by Lionel Laurent; Editing by James Regan)