Paribas cuts RI operation

Paribas cuts RI operation

KUALA LUMPUR (Dow Jones): French investment bank Paribas SA has followed words with deeds in making dramatic cuts to its Southeast Asian stockbroking business in Indonesia, Malaysia, Thailand and the Philippines, company sources said Friday.

In Indonesia, an analyst, a salesman, a dealer and a corporate finance staffer have all lost their jobs. Apparently only three analysts are left.

In Malaysia, its entire research team of six people, including support staff, was sacked. A salesman is all who's left in the country. The move follows earlier staff cuts in June and last December.

Paribas' presence in the Philippines was halved, leaving only two researchers, along with some support staff. The sales team was wiped out, and Paribas' country manager has apparently also been asked to go.

The Manila team had been reduced earlier this year to half of its size last year. A company source was unsure whether the latest would be the last such cut to the team.