BNP Paribas Fortis, the Belgian subsidiary of French banking group BNP Paribas, is set to reduce up to 2,500 jobs by 2021.
The company has already reached an agreement with the unions over the trimming of the workforce, reported Reuters.
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Currently, the bank has around 13,000 staff in Belgium.
BNP Paribas job cuts:
According to the French lender, most of the reduction will be through attrition, while around 800 employees aged 58 will be offered early retirement.
A spokesperson of the company told the news agency: “There will be no unvoluntary layoffs for the next three years.”
He added that the unaffected workers have agreed to for an additional hour per week.
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By GlobalDataThe reduction of the workforce is expected to help the bank to reduce costs and bolster its online presence.
Overall, BNP Paribas Fortis aims to reduce its employee strength to 10,000, said SETCA union general secretary Jean-Michel Cappoen.
The move comes at a time when most of the banking majors across the Europe are reducing their brick-and-mortar presence due to the increase in digital banking.
According to BNP Paribas documents, its Belgian unit reduced its branch footprint from 938 to 678 between 2012 and 2018.
In January this year, BNP Paribas renewed its partnership with IBM Services for an additional eight years.
The partnership will enable the bank to continue to utilise IBM Services solutions for cloud hosting.
