BNP Paribas SA is moving forward with plans to reduce its employee count by around 1,200 jobs as it advances the integration of Axa Investment Managers, acquired in 2024. Sources close to the matter told Bloomberg that this number serves as an initial basis for talks with labor unions expected to occur in the coming weeks. The workforce reduction plan, originally reported by French publication Les Echos, remains subject to potential revision through these consultations.
A BNP Paribas Asset Management spokesperson confirmed via email to Bloomberg that the company aims to initiate discussions with employee representatives regarding a proposed organizational framework following the formal legal merger of BNP Paribas and Axa Investment Managers.
In 2024, BNP Paribas, the largest lender in France, acquired Axa Investment Managers from insurer Axa SA in a transaction valued at approximately €5 billion (around $5.9 billion). This deal considerably expanded BNP Paribas' asset management operations, creating one of Europe's foremost money management groups overseeing close to €1.5 trillion in assets at the time of acquisition.
The planned reduction will be executed through a voluntary redundancy scheme and is intended to be addressed with union representatives over the next several weeks as part of the integration process to streamline operations between the merged entities.