April 13, 2016 / 9:21 AM / 4 years ago

BNP Paribas to meet CIB union reps on Thursday-source

PARIS, April 13 (Reuters) - French bank BNP Paribas plans to hold a meeting with union representatives at its corporate and institutional banking (CIB) division on Thursday, a source familiar with the matter told Reuters on Wednesday.

“The presentation is being made tomorrow,” the source said, without giving further details.

The bank set out plans in February to cut costs at the CIB unit by a further 12 percent by 2019 to bolster profitability, but declined to give details of any impact on jobs.

BNP Paribas said it would pull back from costly activities, such as repo operations and market making in bond trading, and reinvest part of the capital in securities services, transaction banking, and advisory businesses.

BNP Paribas declined to comment on Wednesday. (Reporting by Julien Ponthus; Editing by James Regan)

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