BNP to Cut 200 French Branches by 2027 to Kick Off Retail Revamp

BNP Paribas SA Chief Executive Officer Jean-Laurent Bonnafe plans to cut hundreds of domestic retail branches in an effort to lift profitability at a business that has struggled for years.

In a first step, the French lender plans to close around 80 branches this year and another 120 next, according to people familiar with the matter. Headcount in the branch network is expected to decline by 5% a year, while staff would be added in online and phone banking.

Negotiations with labor unions, which were first informed of the strategy for the business in March, are set to continue in ...