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BNP Paribas begins three year plan to cut costs, grow in Asia, Reuters reports

BNP Paribas (BNPQY) said it begin a three-year plan to save $2.69B in annual costs and increase growth in Asia after its fourth quarter profits were hit by Europe's weak economy, reports Reuters. The bank said the savings would come from simplifying its reporting structure and from investing in technology improvements. It said no business would be shut down.