{"id":77781,"date":"2024-03-13T02:14:09","date_gmt":"2024-03-13T07:14:09","guid":{"rendered":"https:\/\/equitynewsreport.com\/bnp-paribas-announces-more-cost-cuts-after-weak-fourth-quarter\/"},"modified":"2024-03-13T02:14:09","modified_gmt":"2024-03-13T07:14:09","slug":"bnp-paribas-announces-more-cost-cuts-after-weak-fourth-quarter","status":"publish","type":"post","link":"https:\/\/equitynewsreport.com\/h\/bnp-paribas-announces-more-cost-cuts-after-weak-fourth-quarter\/","title":{"rendered":"BNP Paribas announces more cost cuts after weak fourth quarter"},"content":{"rendered":"<div readability=\"59\">\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<img decoding=\"async\" alt=\"BNP Paribas announces more cost cuts after weak fourth quarter\" id=\"carouselImage\" src=\"https:\/\/i-invdn-com.investing.com\/trkd-images\/LYNXNPEK2C05U_L.jpg\"><br \/>\n<span class=\"text\">\u00a9 Reuters. FILE PHOTO: A view of a BNP Paribas bank building in Paris, France, February 24, 2023. REUTERS\/Sarah Meyssonnier\/File Photo<\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p>PARIS (Reuters) -BNP Paribas, France&#8217;s largest bank, on Wednesday said it will step up its 2022-2025 cost-cutting plan after it reported weak results for the fourth quarter last month.<\/p>\n<p>The bank intends to increase its efficiency gains by a recurring 400 million euros ($437.08 million), pushing its cost-cutting goals over the 2022-2025 period up to 2.7 billion euros.<\/p>\n<p>BNP Paribas (OTC:) also said the payout dividend ratio of 60% in 2024, 2025 and 2026 would represent about 20 billion euros payment for shareholders. <\/p>\n<p>Last month, BNP Paribas reported a surprise drop in fourth-quarter income and pushed back a key profitability target, triggering a more than 9% fall in the French bank&#8217;s shares.<\/p>\n<p>Revenues at its investment bank, as well as at its consumer and commercial real estate businesses, fell from 2023 and its Chief Executive Jean-Laurent Bonnafe said the outlook was not good as he expected an economic slowdown in the euro zone. <\/p>\n<p>Additionally, the bank confirmed on Wednesday its net profit would rise this year compared with 2023 and reiterated it will not hit its target for return on tangible equity (ROTE) &#8211; a measure of profitability &#8211; of 12% target until 2026.<\/p>\n<p>($1 = 0.9152 euros)<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters. FILE PHOTO: A view of a BNP Paribas bank building in Paris, France, February 24, 2023. REUTERS\/Sarah Meyssonnier\/File Photo PARIS (Reuters) -BNP Paribas, France&#8217;s largest bank, on Wednesday said it will step up its 2022-2025 cost-cutting plan after it reported weak results for the fourth quarter last month. The bank intends to increase its efficiency gains by a recurring 400 million euros ($437.08 million), pushing its cost-cutting goals over the 2022-2025 period up to 2.7 billion euros. BNP Paribas (OTC:) also said the payout dividend ratio of 60% in 2024, 2025 and 2026 would represent about 20 billion [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":77782,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,49,50,3],"tags":[],"_links":{"self":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts\/77781"}],"collection":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/comments?post=77781"}],"version-history":[{"count":0,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts\/77781\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/media\/77782"}],"wp:attachment":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/media?parent=77781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/categories?post=77781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/tags?post=77781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}