BNP Paribas has announced plans to reduce its asset management division workforce by roughly 20%, equating to about 1,200 jobs, as it moves toward integrating AXA Investment Managers. The reduction will occur in stages, beginning mid-2026, aiming to streamline operations following the acquisition. While some job creation is expected, the move is part of a broader cost-saving strategy targeting significant synergies by 2029.
Key Points
- BNP Paribas to reduce its asset management workforce by about 20%, equating to 1,200 jobs by end of 2027.
- Job cuts will unfold across three phases starting mid-2026, with approximately 600 jobs in France affected and 230 new roles created within the country.
- The restructuring aims to remove duplicate roles in support functions and investment operations post-merger with AXA Investment Managers to achieve €550 million in synergies by 2029.
In a move to optimize its recently expanded asset management division, BNP Paribas intends to cut approximately 1,200 jobs—about one-fifth of its asset management workforce—by the end of 2027. This decision surfaces in the wake of the bank's completion of a €5.1 billion acquisition of AXA Investment Managers.
The workforce reduction was introduced as a voluntary departure scheme during a recent works council meeting, with layoffs slated to unfold in three distinct phases starting in mid-2026. Roughly 600 positions expected to be impacted are based in France. Concurrently, the plan includes creating around 230 new roles within the country, indicating a reallocation of talent aligned with the new organizational structure.
BNP Paribas Asset Management (AM) characterized the upcoming talks with employee representatives as discussions about a "target organizational model" circulating around the merger of entities and the formation of a unified asset management body. Specifics on the exact number of positions at risk remain undisclosed by the bank.
The restructuring effort is primarily designed to eliminate overlapping positions, particularly within support sectors such as human resources and legal affairs, as well as roles tied to investment management operations. The underlying intention is to realize cost efficiencies and streamline operations through the integration of AXA IM’s business talents and infrastructure.
A union source noted the tentative nature of the figures, emphasizing that the planned workforce reductions could still undergo adjustment during formal negotiations expected to commence next month.
Back in October, BNP Paribas projected €550 million in combined revenue and cost synergies to arise from the AXA Investment Managers integration by 2029. This strategic alignment establishes BNP Paribas AM-AXA IM as Europe’s third-largest asset manager, managing assets totaling €1.6 trillion ($1.88 trillion), trailing only Amundi and UBS Asset Management in scale.
(Exchange rate: $1 = €0.8515)
Risks
- Potential uncertainties in final job cut figures as negotiations are ongoing and subject to change.
- Impact on employee morale and operational continuity during phased workforce reductions and reorganizations.
- Integration challenges may arise from merging two large asset management entities, influencing synergy realization timelines and cost-saving targets.