bnps-ib-business-posts-Ç2-billion-quarterly-loss

BNP's IB business posts Ç2 billion quarterly loss

Full-year profits at the French bank reach Ç3 billion despite big losses in investment banking.

BNP Paribas' investment banking business lost 2 billion in the last quarter of 2008, dragging the bank's full-year profits down to 3 billion -- a fall of more than 61% from the record profits in 2007, but in line with analysts' expectations.

BNP says it will redesign the investment banking group's product offering in 2009, including scaling back its business in the most complex structured products, expanding its flow business and developing tailor-made hedge products. It also said yesterday that it would streamline the division's organisation.

Priority will be given to leadership in Europe, it said in a press release yesterday. This move will enable the investment banking group to scale back its cost base...

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