French giant BNP Paribas will cease to offer the financing of transactions for the commodities industry in Switzerland, according to a statement by the bank. It will focus its business in Switzerland on corporate and institutional banking as well as wealth management.

The retrenchment in Switzerland may lead to the cut of as many as 120 jobs in Geneva, the bank said. At the same time, BNP Paribas promised to strengthen its development in Switzerland in the areas of corporate and institutional banking as well as wealth management.

Cuts Are Stacking Up

The French bank had announced changes for Switzerland as early as last November. It said at the time that as many as 250 of the then 1,400 jobs might be cut. The 120 jobs that may have to go as a consequence of the latest announcement will be added on top of the already earmarked cuts. The transformation process is likely to extend into 2021.

Today, BNP Paribas has close to 1,300 jobs in its three offices in Geneva, Zurich and Lugano.