PARIS (dpa-AFX) - BNP Paribas SA (BNP.L) in Real Estate plans to cut around 60 jobs in France by encouraging voluntary departures, as the European property market continues to deal with ongoing difficulties, as per a Bloomberg report.
According to the report, the sector is going through a 'structural and lasting crisis,' which has led them to rethink how they operate. As part of this restructuring effort, they're planning to create 37 new positions in France.
Since interest rates started climbing in 2022, Europe's real estate market has been under strain, affecting office property values and drastically slowing down transaction volumes. Any hopes for a turnaround in 2026 are being overshadowed by fresh geopolitical concerns.
Currently, BNP Paribas Real Estate has around 4,000 employees globally.
BNP.PA is currently trading at EUR 89.28, up EUR 1.78 or 2.03 percent on the Paris Stock Exchange.
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