Elected staff representatives at BNP Paribas have voted overwhelmingly against the French bank's plans to merge its loss-making equities division into a joint venture with Exane, the smaller but independent securities house famed for its research.

The move gives weight to recent speculation that BNP Paribas would use the creation of Exane BNP Paribas, as the new entity is to be called, as an excuse to shed underperforming staff.