BNP Paribas profits flat

City A.M. Reporter
BNP Paribas has reported broadly flat profits of 2.12bn euros (£1.85bn) for the three months to the end of June.

The French bank said its figures reflected the putting aside of 534m euros to cover its exposure to Greek debt.

BNP Paribas holds the most Greek debt of any of the French banks, about 5bn euros of sovereign debt.

It was heavily involved in the discussions about private sector contributions to the bailout plan.

Chief executive Baudouin Prot said the bank would not be cutting jobs, unlike other major European banks.

"We didn't go for the go-go hires as peers did in the last few quarters. If we didn't go for the go we didn't have to go for the stop," he said.