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BNP Paribas spares CIB unit deeper cost cuts

The French group today boosted the efficiency targets it first laid out a year ago, with retail banking set to bear the brunt

BNP Paribas' corporate and investment banking arm looks set to escape the bulk of deeper cost cuts announced by the French bank today, as part of an efficiency drive first outlined a year ago.

BNP Paribas has raised its yearly cost savings target under an efficiency drive first announced last year to €2.8 billion by 2016 after getting off to a faster-than-expected start.

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