Latest news with #JeanLaurentBonnafe
Bloomberg
3 days ago
- Business
- Bloomberg
BNP to Cut 200 Branches by End of 2026 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.
Reuters
13-05-2025
- Business
- Reuters
BNP shareholders approve age limit increase for CEO Bonnafe
PARIS, May 13 (Reuters) - BNP Paribas ( opens new tab shareholders voted on Tuesday to raise the age limit for the role of CEO, effectively enabling Jean-Laurent Bonnafe to remain at the helm of the euro zone's largest bank by assets into the start of next decade. Shareholders overwhelmingly approved the BNP resolution, which raises the CEO age limit to 68 from 65, with 98.47% voting in favour. Under the company's rules, the board can increase the age limit by one more year, potentially allowing Bonnafe, 63, to remain BNP's boss until the 2031 shareholder meeting. Shareholder backing for the move comes at a critical time for BNP, as some investors have raised questions about the future after Bonnafe, with no clear successor in sight. Bonnafe is already one of the world's longest-serving CEOs of a global bank. If he remains in place until 2031, he would have spent about 20 years at the helm, similar to JPMorgan's Jamie Dimon, currently the longest-serving CEO on Wall Street. Dimon has led JPMorgan since 2006. The bank has begun the search for potential successors, he has said. BNP Chairman Jean Lemierre told the bank's annual general meeting that the new age limit was necessary to give Bonnafe and the bank time to continue working on an eventual successor. BNP shareholders also approved raising the age limit for the chair of the board to 78 from 75, paving the way for Lemierre, 74, to continue running the bank alongside Bonnafe for a few more years. Lemierre, speaking to shareholders before the vote, described Bonnafe as "young and full of energy," adding that extending the age limit would allow him to manage the bank, make decisions on succession planning in due course, and have the certainty of an additional term.
Bloomberg
13-05-2025
- Business
- Bloomberg
BNP Paribas Investors Back New Term for CEO Jean-Laurent Bonnafe
BNP Paribas SA shareholders confirmed Chief Executive Officer Jean-Laurent Bonnafe for another three-year term as director, clearing the way for him to become one of Europe's longest-serving bank CEOs. Shareholders at the bank's annual general meeting in Paris on Tuesday also voted to raise the age limit for the CEO role to 68 years, from 65 currently. The change was needed to allow the 63-year-old to stay on in his role until 2028.
Reuters
13-05-2025
- Business
- Reuters
BNP Paribas shareholders approve renewal of Bonnafe's mandate as board director
PARIS, May 13 (Reuters) - BNP Paribas ( opens new tab shareholders approved on Tuesday the renewal of Jean-Laurent Bonnafe's mandate as board director, paving the way for him to remain CEO of the French bank until 2028. Shareholders approved BNP's related sixth resolution with 99.16% voting in favour. Investors are also voting on a separate resolution to raise the age limit for a CEO, which would allow Bonnafe to remain beyond 2028.
