BNP Paribas reportedly plans to cut 50 jobs at its UK branch

BNP Paribas SA plans to cut up to 50 jobs at its UK unit as Chief Executive Jean-Laurent Bonnafe steps up cost-cutting efforts.

The bank has begun talks with employees as part of an annual review of its staffing levels, people familiar with the matter said.

BNP Paribas employs around 4,500 people in its British bank.

The French lender is working to offer the affected employees other roles within the company where possible, said the people, who asked not to be identified because the plans are not yet public.

A spokeswoman for BNP Paribas declined to comment. The cuts come as Bonnafe seeks a further 400 million euros (£375 million) in cost savings to offset the drop in revenue.

Lower expenses helped the bank's first-quarter profit beat analysts' expectations, even as bond traders lagged behind rivals.

The bank attributed the decline in trading to a strong performance in the previous year and its focus on Europe, which was more affected by lower volatility. Demand increased again in March, BNP said on Thursday.