French lender BNP Paribas SA said on Friday it had submitted ideas for an overhaul of its consumer finance department to unions, after a media report that it was planning a restructuring of the unit.
“BNP Paribas Personal Finance presented its strategic reflections to the social partners regarding the refocusing of its activities and the adaptation of its operating model,” the bank said in an emailed statement.
Citing several people familiar with the matter, Bloomberg News earlier reported that the company is exploring ways to improve returns at the unit given profitability is expected to decrease into this year.
Wall Street drops as Apple, energy stocks decline
The lender could decide to sell portions of the division or start running down some of its loan books, the report said.
Comments
Comments are closed.