BNP Paribas Real Estate, one of the largest international property advisory firms, is continuing to monitor the tough business operating environment following jobs cuts made just weeks ago.
The company, which employs some 5,400 worldwide, made a small number of redundancies in June and July in several countries following similar moves by other firms.
Furthermore, a few more employees were informed of cuts at the beginning of September.
BNP Paribas Real Estate has been among the less aggressive firms in terms of increasing staff pre-Covid-19, leading some to speculate its retention overall may prove to be better.
In a statement, the firm said: ‘Covid-19 is presenting unprecedented challenges for the real estate sector as a whole and as a business, we are continuing to review the market situation and how we can best adapt to the post-Covid era. As a result, we are unable to comment any further in this moment in time.’
Last week, JLL warned it was looking to cut around 200 jobs in the UK.
JLL said that the global pandemic and economic instability had ‘accelerated the changing nature of the business’.
‘We continue to extensively review our operations and cost base in line with market conditions and client needs. As a result, we are reshaping our UK business and will be commencing a consultation process for proposed role redundancies. It is anticipated that these proposals could affect approximately 200 UK based roles'.
Where possible, JLL said that it will seek redeployment opportunities.
