Artificial intelligence is the technology that's about to change everything. It's been the theme of 2017 that AI and machine learning will encroach on every part of the trading floor and push tens of thousands of buy-side professionals out on the street.
It's therefore slightly strange that Michel Granchi, the former head of rates, credit and FX e-sales at Bank of America Merrill Lynch who left late last year to start a machine learning firm focused on the OTC derivatives market, has just returned to banking.
Granchi has just joined BNP Paribas as a managing director, according to his public profile. He left his role at BAML in November to start Hellebore Technologies, a machine learning and data mining start-up that uses trade trade data to provide valuations in the OTC markets.
He is no longer CEO of the company - that role is now occupied by co-founder and former Natixis credit trader Philippe Donnat - but has returned to a major bank after just nine months out.
Granchi has held numerous senior fixed income sales roles over the course of the past 20 years. He was head of European credit sales at UBS in London from 2009 until he joined BAML in 2013. Before this, he was head of banks and hedge fund credit sales at Royal Bank of Scotland, a role he took in March 2007, having joined from Societe Generale where he held the same role.
BNP Paribas plans to cut 675 jobs across its corporate and investment bank over the course of 2017, but it has been making some big hires for its markets business in the past few months. As we reported, it's been hiring for a new build in its emerging markets credit team, and has poached senior traders from both hedge funds and rival banks.
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