BNP Paribas cuts 1,600 Ukraine jobs

BNP Paribas, France’s largest bank, is cutting 1,600 jobs at its Ukrainian unit, or more than 20% of the workforce, as the country faces mounting unrest and a standoff with Russia.

“The bank, as far as possible, is functioning,” CEO Jean-Laurent Bonnafe said yesterday, referring to the Ukrainian unit, PAT Ukrsibbank. BNP’s pre-occupation for the past few weeks has been to ensure the security of employees in the country, he said.

Russia annexed the Black Sea peninsula of Crimea from Ukraine last week after Ukrainian protests led to the ousting of Pro-Russian president Viktor Yanukovych last month.