Latest news with #LesEchos
Yahoo
3 days ago
- Business
- Yahoo
BNP Paribas to shutter 200 branches in France by 2027
BNP Paribas is reportedly planning to reduce its network of retail branches in France as part of a strategy to enhance profitability. Its CEO Jean-Laurent Bonnafe confirmed that the bank intends to close approximately 80 branches this year, followed by an additional 120 in the next year, reported Bloomberg. Reports from French newspaper Les Echos suggest that the total number of branch closures could reach approximately 500 by 2030. This move is expected to lead to a 5% annual reduction in branch staff, while the bank aims to increase employment in online and telephone banking services. Discussions with labour unions regarding this strategy, which was first communicated in March, are ongoing. Sources familiar with the situation indicated that impacted staff will be offered alternative roles within the organisation. Besides, BNP Paribas is relying on natural attrition to manage workforce reductions without resorting to layoffs. A spokesperson for BNP Paribas stated: 'We presented in March an ambitious growth plan to trade unions that outlines a strategic roadmap and related investments for our Commercial & Personal Banking in France. Every employee of the bank has their place in this project.' The restructuring is part of Bonnafe's focus on revitalising the retail banking sector, which has faced challenges due to local regulations and the European Central Bank's monetary policies. Isabelle Loc, who was appointed to lead the retail banking division following the departure of Marguerite Berard, is expected to leverage the digital platform Hello bank and private banking services to drive growth. The bank currently operates around 1,500 branches in France, and under Loc's strategy, some branch functions will be shifted to remote customer service centres, with employees being offered new positions. BNP Paribas plans to reveal further details about its restructuring strategy by the end of June. In April this year, BNP Paribas extended its partnership with IBM Cloud for another ten years to enhance its cloud-native strategy and advance generative artificial intelligence (GenAI) capabilities. "BNP Paribas to shutter 200 branches in France by 2027" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
15-04-2025
- Business
- Yahoo
European pharma companies issue demands to stay in EU ahead of expected US tariffs
PARIS (Reuters) -Nearly three dozen global pharmaceutical companies, in a letter to the head of the European Commission, demanded help to maintain operations in the EU despite threatened U.S. tariffs on imports, including measures to compensate them for the cost of pharmaceutical innovations, French business newspaper Les Echos reported on Tuesday. In the letter sent to European Commission President Ursula von der Leyen, the companies -- including Pfizer, Eli Lilly and AstraZeneca -- said they face cost disadvantages in Europe versus the United States, where drugs are sold at prices that on average are twice that of some European countries, such as France, Les Echos reported. U.S. President Donald Trump has said he expects to impose tariffs on imported pharmaceuticals in the near future. The companies also asked the EU to simplify regulations, noting that companies currently must conduct multi-country clinical trials for drugs, the letter said. The industry also said in the letter that it takes issue with a fee the sector will soon need to pay to treat wastewater from micropollutants, Les Echos said. For a decade "the innovative industry has entirely reimbursed the increase in expenses linked to innovative medicines," the letter said, according to Les Echos. "We hope to work together in the coming weeks to ensure that these proposals become reality to the benefit of Europe's patients and economic development," the letter added. Last week, European pharmaceutical companies warned von der Leyen in a meeting that U.S. tariffs would hasten the industry's shift toward the United States and from Europe. The United States is the biggest market by sales for big pharma companies, and Europe and the United States have interconnected supply chains for medicines. EU medical and pharmaceutical product exports to the United States totalled about 90 billion euros ($101.49 billion) in 2023, according to Eurostat. European pharmaceutical giants have recently been expanding production facilities in the United States. ($1 = 0.8868 euros) Sign in to access your portfolio
Reuters
15-04-2025
- Business
- Reuters
European pharma companies issue demands to stay in EU ahead of expected US tariffs
PARIS, April 15 (Reuters) - Nearly three dozen global pharmaceutical companies, in a letter to the head of the European Commission, demanded help to maintain operations in the EU despite threatened U.S. tariffs on imports, including measures to compensate them for the cost of pharmaceutical innovations, French business newspaper Les Echos reported on Tuesday. In the letter sent to European Commission President Ursula von der Leyen, the companies -- including Pfizer (PFE.N), opens new tab, Eli Lilly (LLY.N), opens new tab and AstraZeneca (AZN.L), opens new tab -- said they face cost disadvantages in Europe versus the United States, where drugs are sold at prices that on average are twice that of some European countries, such as France, Les Echos reported. U.S. President Donald Trump has said he expects to impose tariffs on imported pharmaceuticals in the near future. The companies also asked the EU to simplify regulations, noting that companies currently must conduct multi-country clinical trials for drugs, the letter said. The industry also said in the letter that it takes issue with a fee the sector will soon need to pay to treat wastewater from micropollutants, Les Echos said. For a decade "the innovative industry has entirely reimbursed the increase in expenses linked to innovative medicines," the letter said, according to Les Echos. "We hope to work together in the coming weeks to ensure that these proposals become reality to the benefit of Europe's patients and economic development," the letter added. Last week, European pharmaceutical companies warned von der Leyen in a meeting that U.S. tariffs would hasten the industry's shift toward the United States and from Europe. The United States is the biggest market by sales for big pharma companies, and Europe and the United States have interconnected supply chains for medicines. EU medical and pharmaceutical product exports to the United States totalled about 90 billion euros ($101.49 billion) in 2023, according to Eurostat. European pharmaceutical giants have recently been expanding production facilities in the United States. ($1 = 0.8868 euros)
Euronews
31-03-2025
- Business
- Euronews
US demands that EU companies comply with anti-diversity order
ADVERTISEMENT The US government has sent a letter to major EU corporations, demanding that they adhere to an executive order signed by US president Donald Trump banning diversity, equity and inclusion (DEI) programmes, according to the Financial Times. This letter, distributed by the American embassy in Paris, among others, highlighted that the DEI executive order applied to US government service providers or suppliers, even if they were based outside of the US. US diplomats in Belgium and eastern EU countries also distributed this letter to companies, with Italian and Spanish corporations receiving it as well. The letter was first reported by French daily financial newspaper Les Echos. Although it is unclear which EU companies received this letter, in France, defence, aviation, infrastructure and consulting companies are likely to be the most vulnerable to such a demand. In the US, the US Federal Communications Commission has already informed media giant Walt Disney and its ABC division that it will be starting an investigation into its DEI practices. A French minister on Sunday accused US diplomats of interfering in the operations of French companies. The US embassy didn't respond to questions this weekend from The Associated Press. The document also asked recipients to complete, sign and return within five days a separate certification form to demonstrate that they are in compliance. That form, also published by Le Figaro, said: 'All Department of State contractors must certify that they do not operate any programs promoting DEI that violate any applicable anti-discrimination laws.' The form asked recipients to tick a box to confirm that they 'do not operate any programs promoting Diversity, Equity, and Inclusion that violate any applicable Federal anti-discrimination laws.' The letter added: 'If you do not agree to sign this document, we would appreciate it if you could provide detailed reasons, which we will forward to our legal services.' Aurore Bergé, France's minister for equality between women and men and combating discrimination, said Sunday that the letter is "a form, obviously, of interference. That's to say it's an attempt to impose a diktat on our businesses'. Speaking to broadcaster BFMTV, she said that France's government is 'following the situation very closely' and working to determine how many companies received the letter. The minister said that 'many' companies have told the government that they don't plan to reply. 'It's out of the question that we'll prevent our business from promoting social progress,' the minister said. ADVERTISEMENT "Thankfully, a lot of French companies don't plan to change their rules,' she added. Euronews has contacted the American Chamber of Commerce to the EU for comment. Why is Trump clamping down on DEI programmes? Ever since his presidential campaigning days, Trump has consistently denounced DEI practices across the US, but especially in government offices, claiming that they were discriminatory. He also promised to "forge a society that is colourblind and merit-based" in his Inauguration Day address. ADVERTISEMENT On 20 January this year, Trump has issued an executive order, called "Ending radical and wasteful government DEI programs and preferencing", which reverses Joe Biden's 2021 moves to boost DEI programs in the federal government. This new order meant that all federal government DEI programmes, offices, plans, positions, actions and initiatives would be wrapped up within 60 days. Employees of federal accessibility and DEI offices were also put on paid administration leave. Another executive order, known as "Defending women from gender ideology extremism and restoring biological truth to the federal government", also requires the federal government to take out all racial gender ideology communication, guidance, forms and policies. Critics of DEI policies have slammed measures such as tying executive compensation to diversity goals, or offering sponsored internship and fellowship programmes to people from only certain groups. Hiring targets for people of colour and women have been criticised as well. ADVERTISEMENT
Japan Times
31-03-2025
- Business
- Japan Times
U.S. orders French companies to comply with Trump's DEI ban
The Trump administration has ordered some French companies with U.S. government contracts to comply with his executive order banning diversity, equity and inclusion (DEI) programs, highlighting the extraterritorial reach of U.S. policies and their potential impact on European corporate practices. The companies have been told to confirm their compliance in a questionnaire entitled "Certification Regarding Compliance With Applicable Federal Anti-Discrimination Law." President Donald Trump's "America First" policies have stoked economic and political tensions between the U.S. and Europe since his January 20 inauguration. The U.S. questionnaire raises questions about the practical changes targeted companies may need to implement, given the differing approaches between the U.S. and France. U.S. companies have embraced DEI policies, tracking race and ethnicity data and setting diversity targets. In France, a secular approach limits such practices, with laws restricting data collection and corporate efforts focusing more on gender and socioeconomic background. The questionnaire will also spark concerns in European boardrooms that the Trump administration is widening its fight against DEI policies overseas, at a time when Trump's actions on tariffs and security ties have upended transatlantic relations. French business daily Les Echos, which first reported the U.S. demand late on Friday, said it had been sent out to firms by the U.S. embassy in Paris. "We inform you that Executive Order 14173, Ending Illegal Discrimination and Restoring Merit-based Opportunities, signed by President Trump, applies to all suppliers and service providers of the U.S. Government, regardless of their nationality and the country in which they operate," reads the letter, according to a copy that French newspaper Le Figaro published on its website. "We would be grateful if you could complete and sign the document in English within five days and return it to us by email. If you do not agree to sign this document, we would appreciate if you could provide detailed reasons, which we will forward to our legal services," the letter added. An embassy spokesperson did not immediately respond to a request for comment. There was no indication that the companies receiving the letter were selected based on their presence in the U.S. A source close to the matter confirmed that France's state-controlled telecoms group Orange, which has no U.S. presence, received the letter. Meanwhile, defense electronics firm Thales and oil major TotalEnergies, both with operations in the U.S., did not receive it, according to spokespeople for the companies. Orange declined to comment. "American interference in the inclusion policies of French companies, along with threats of unjustified tariffs, is unacceptable," France's Ministry of Foreign Trade said in a statement. "France and Europe will defend their businesses, their consumers, and also their values," the ministry, which is under the authority of the country's Ministry of Foreign Affairs, added. It was not immediately clear if similar letters and questionnaires had been sent to foreign companies in other European countries.
