PARIS (Reuters) – BNP Paribas’ profit fell by a third in the first quarter, as the coronavirus crisis hit equity trading and prompted the euro zone’s biggest bank to set aside more than half a billion euros in loan provisions.
FILE PHOTO: The BNP Paribas logo is seen at a branch in Paris, France, February 4, 2020. REUTERS/Benoit Tessier
The bank said it would accelerate cuts to its operating expenses and warned that its 2020 net income could be about 15% to 20% lower than in 2019.
As with French lender Societe Generale (SOGN.PA), revenue from equity derivatives