The lender is planning legal structure changes affecting wealth management in Asia and France, a report claims. The bank issues 2015 results tomorrow.

BNP Paribas intends to streamline the legal structure of its wealth management business lines in some Asian branches and in its native France, a trade union is reported by media to have said. The bank, which reports full-year and fourth-quarter figures on 5 February, has declined to comment.

The group making the assertion is the FO banking trade union. Such a move would be part of a drive to cut costs and protect profits at a time of relentless regulatory pressures. 

According to Reuters, the wealth management project will see the Paris-listed lender fold the legal entity BNP Paribas Wealth Management, which stands for a Paris branch situated in the city centre, into the parent BNP Paribas SA. It plans to make similar moves in Hong Kong and Singapore, the FO union was quoted as saying.

"The context of the merger is due to the decrease of net banking income, largely related to compliance and rules that change constantly," the union said.

BNP Paribas Wealth Management is present in 27 countries and has 6,600 employees. The Paris branch, which mostly serves non-resident clients, employs 33 people.