BNP Paribas has kicked off a review of its global markets business in the UK that could involve layoffs, with rates and fixed income in particular focus, according to people familiar with the plans.

The French bank, which last November announced plans to create a new global markets unit comprising its primary and secondary capital markets businesses under Yann Gérardin, the new head of its corporate and investment banking unit, told around 100 global markets staff this week that their roles were at risk, according to two people familiar with the matter.