BNP Paribas Lease Group

Type
Internal restructuring
Country
France
Region
Location of affected unit(s)
Sector
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.91 - Financial leasing
120 jobs
Number of planned job losses
Job loss
Announcement Date
16 May 2011
Employment effect (start)
15 July 2011
Foreseen end date
31 December 2011

Description

On 16 May 2011, the management of BNP Paribas Leasing Solutions announced a restructuring plan resulting in the loss of 120 jobs (out of a total of 1,078 in France).

According to the management, the company will seek to avoid compulsory dismissals and will negotiate a social plan with the unions.

Reportedly, the new global regulatory standards on bank capital adequacy and liquidity (Basel III) published in December 2010 prompted this restructuring. The new rules will be progressively implemented from January 2013 until 2019.

BNP Paribas Leasing Solutions is a subsidiary of the French bank BNP Paribas (204,600 employees worldwide).

Sources

Citation

Eurofound (2011), BNP Paribas Lease Group, Internal restructuring in France, factsheet number 72038, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72038.