Internet Effect: BNP Paribas Fortis offices will be shut, employees laid out

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The Belgian bank BNP Paribas Fortis will close approximately 40 percent of the number of branches in the coming three years, resulting in the loss of around 2200 employees. The job losses must occur as much as possible through natural progress and through voluntary departure.

The intention is that by the end of 2021 267 of the 678 bank branches will be closed. Because more and more customers use digital banking, fewer physical locations are needed. BNP Paribas Fortis takes the steps in consultation with the trade unions.

“We must take into account the exponential evolution of digital banking and remote banking, while maintaining a strong physical presence on the Belgian market,” said a press release from the Belgian subsidiary of French BNP Paribas.

The bank also came up with figures for 2018. Net profit increased by almost 2 percent to more than 1.9 billion euros.

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Oliver I. Kjeldsen

Oliver I. Kjeldsen has a corporate finance and extensive expertise in company audit. He grants us amazing insights on taxation, international affairs and friendly advice on nearly any topic of interest. His email is [email protected]

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