BNP Paribas, the French bank that employs 8000 people in London, has told staff it plans to spend €1 billion (£833 million) over the next three years streamlining the business.
The plan, entitled Simple and Efficient, will run until 2015 and will potentially affect all areas of the bank, according to sources.
It was not immediately clear what the plan’s impact on staff is likely to be.
The bank cut about 1400 jobs last year but was reported to be looking for further cuts recently.
Chief executive Jean-Laurent Bonnafé has presented details of the plans to workers’ representatives, but they have not been made public yet.
The key aim is said to be reducing or at least stabilising operating costs at the bank, and this will include simplified decision-making processes and greater use of shared back-office resources.
