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BNP Paribas begins overhaul after Q4 profits drop
February 14, 2013 / 6:11 AM / 5 years ago

BNP Paribas begins overhaul after Q4 profits drop

PARIS, Feb 14 (Reuters) - 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)

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