DuPont Fabros Technology cuts about 10% of its staff in China's investment banking business in the first round of layoffs.

According to media reports, in the current sluggish trading market, French bank BNP Paribas has conducted its first round of layoffs targeting its China investment banking business expansion from two years ago, affecting about 10 positions. Last week, BNP Paribas laid off 7 employees in investment banking, corporate finance, and equity capital markets in Hong Kong, as well as 3 employees in their mainland China office, and a managing director responsible for IPOs was also let go. Reports indicate that around 10% of BNP Paribas' China-related employees were affected. It is understood that BNP Paribas had expanded its China investment banking team in 2022, adding over 20 traders responsible for stock sales and cross-border mergers and acquisitions, making this the first round of layoffs after 2022. With the bank shifting its focus to M&A business, this round of layoffs mainly affected the stock underwriting department employees. This Paris-based company was approved in April to conduct securities business in mainland China, re-entering this market after exiting a local joint venture 17 years ago. In the past two years, Morgan Stanley, Goldman Sachs, and JPMorgan have also conducted layoffs in Hong Kong and mainland China, mainly focusing on investment banking business. BNP Paribas has over 700 offices in 85 countries and regions globally, with 28,000 employees engaged in international banking services, providing services to over 80 of the world's top 100 international corporations; BNP Paribas in France is engaged in export credit business globally. Currently, BNP Paribas has built one of the largest foreign banking networks in China.