BNP to cut most of Asia equities research team

Hong Kong

BNP Paribas SA will cut the bulk of its Asia equity research team in Hong Kong and Singapore and instead use content from Morningstar Inc., people familiar with the matter said, a sign of how tougher global regulations are forcing banks to change their business models.

About a dozen analysts in those locations will leave as part of the move by Paris-based BNP, said one of the people, who asked not to be identified because the staffing changes aren't public. Five analysts will stay and cover macro and sector research for the region excluding India, the person said. BNP on Thursday confirmed the agreement with Morningstar without giving details on jobs cuts. Media representatives at BNP and Morningstar declined t…