BNP Paribas promised to scale down its investment bank in the UK last week, and now senior markets staff in London have started to depart.
Most significantly, we understand that Michael Wheeler, BNP Paribas’ head of high yield trading, has left the bank. Wheeler joined in October 2015 from Morgan Stanley, filling the role left vacant by Peter Kaufman, who previously headed up the French bank’s high yield desk.
Another exit in the same team is Matthew Robbins, a high yield sector specialist analyst who joined the bank in 2014 and focused on a range of sectors including construction, industrials, shipping, metals and retail. He previously held roles at UBS, RBS and hedge fund Caxton Associates.
BNP Paribas said in its annual report last week that it would continue to cut jobs in its UK investment bank – as well as France and Luxembourg – by the end of 2018. It will, however, be hiring in lower cost countries like Poland, Spain and Portugal, it said. This follows an announcement in May last year that it was planning on cutting 233 jobs in its UK corporate and investment banking unit.
In 2016, it spent €495m on redundancy costs in 2016, up from €342m in 2015. It has 7,500 people in its UK operation.
BNP Paribas didn’t immediately respond to requests for comment.
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