Boost cost savings by 400 million euros in 2024
Will return 20 bln euros in dividends over 20242026 period
Comes after surprise drop in Q4 income in February

PARIS, March 13 Reuters BNP Paribas, the euro zone39;s largest bank, on Wednesday said it will step up its costcutting plan by 400 million euros 437 million after reporting weak results for the fourth quarter.

The bank intends to generate the additional savings this year, increasing its cumulated savings goal over the 2022to2025 period to 2.7 billion euros.

The additional cost cuts will notably stem from automation, lower purchases, a cheaper way of running premises and better socalled mutualization of tasks between outsourced employees, according to slides of a presentation to be made today by BNPP at a Morgan Stanley conference.

BNPP39;s announcement comes as banks are bracing for subdued deal flows, modest bonuses and heavy job cuts in 2024. The lender39;s smaller French rival, Societe Generale, said earlier this year that it will cut 900 jobs at its Paris head office.

BNP Paribas also said the payout dividend ratio of 60 in 2024, 2025 and 2026 would represent about 20 billion euros payment for shareholders.

Last month, BNP Paribas reported a surprise drop in fourthquarter income and pushed back a key profitability target, triggering a more than 9 fall in the French bank39;s shares.

Revenues at its investment bank, as well as at its consumer and commercial real estate businesses, fell from 2023 and its…