BNP Paribas Announces Major Job Cuts Post AXA IM Acquisition

BNP Paribas plans to cut approximately 1,200 jobs at its asset management unit by 2027 as part of cost-cutting measures following its acquisition of AXA Investment Managers. The restructuring aims to eliminate redundant roles and achieve 550 million euros in synergies by 2029.

BNP Paribas has announced a significant restructuring plan that will see around 1,200 jobs cut from its asset management unit by the end of 2027. The job cuts represent roughly 20% of the division's workforce and are part of a cost-cutting strategy following the French bank's €5.1 billion acquisition of AXA Investment Managers.

The restructuring effort aims to eliminate duplicate roles found in support and investment functions, striving to achieve €550 million in revenue and cost synergies by 2029. The merger forms Europe's third-largest asset manager, managing €1.6 trillion in assets, trailing only Amundi and UBS Asset Management.

BNP Paribas plans to implement these personnel changes over three phases, starting in mid-2026, and expects to create about 230 new positions in France. Employees will be engaged in discussions about this 'target organisational model' as the bank finalizes the legal integration of AXA IM, according to a statement to Reuters.

(With inputs from agencies.)