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.