BNP Paribas will cut around a dozen analysts in Asia Pacific after striking a deal to outsource coverage of stocks in the region to Morningstar, the information provider. It comes as the French group continues to look for ways to cuts costs at its investment bank.

The bank said on July 4 that it will source equity research of around 150 stocks in China, Hong Kong, Singapore, Korea and Taiwan from Morningstar across six sectors.