Paris-based BNP Paribas,which owns First Hawaiian Bank, reports its fourth quarter profit fell a third to $514 million euros, little better than half what analysts expected, and announced a plan for global cutbacks.
The cutbacks are not expected to touch First Hawaiian Bank, which has reported higher profits. BNP Paribas said some of its own more successful divisions would expand, especially divisions in the Asia-Pacific region, where it plans to add more than 1,000 employees to its current work force of 8,000. BNP Paribas is active in China, Hong Kong, Singapore, Japan, Korea and other Asian markets.
The French economy shrank 3 percent in the same quarter. BNP Paribas is the largest bank in France. The second largest, Society Generale, posted a loss.