BNP Paribas Asset Management, the subsidiary of the BNP Paribas banking group in charge of fund management, has announced 100 job cuts in Paris by 2021. The reason behind the restructuring is a shift to digital activities. The management is preparing to implement a voluntary redundancy plan giving priority to internal mobility. It focuses mainly on IT positions but also other operational functions. This restructuring comes after the recent announcement that some 500 positions will be cut in France by 2021 at BNP Paribas Securities Services). The management announces it will avoid forced dismissals.
The fund management business as a whole is going through a difficult phase. At the end of 2018, Ostrum AM announced a redundancy plan for around 50 people, and at the same time, Axa IM set up a redundancy plan that led to 90 job cuts.