One of Goldman Sachs executive directors has been hired by BNP Paribas after five months out of the market.
Emerging markets structurer Louis Fourie left Goldman Sachs in October 2016 and just resurfaced at the French bank. It's not clear whether Fourie was poached by BNP or pushed by Goldman, but he quit before bonus time.
Fourie spent eight years at Goldman after joining from Barclays in 2008. With that kind of tenure he might've been on track for promotion to managing director at Goldman Sachs in 2017's round of MD promotions, but Fourie hasn't hung around to try his luck. He's joined BNP as a director in the London office.
BNP Paribas' traders had an excellent 2016 compared to rival European banks. BNP also plans to plans to achieve compound annual revenue growth across the corporate and investment bank of 4.5% between now and 2020, and is expanding its investment bank in Northern Europe. By comparison, Goldman Sachs cut $900m in costs and under-performed rival U.S. banks in revenue terms in 2016. In future it's is likely to automate as much as possible under Marty Chavez.
Oliver Wyman and Morgan Stanley expect emerging markets trading revenues to rise by up to 5% this year.