BNP Paribas is losing senior traders as it swaps staff with Goldman Sachs.
Headhunters say the French bank is parting company with Asa Atwell, its global head of G10 FX trading. At the same time, BNP has supplemented its existing stock of ex-Goldman Sachs traders with Robert Boeheim and Eusta Qin, a former Goldman sterling corporate bond trader and investment grade financials trader respectively. Bloomberg reported the latter moves early this week.
Atwell was promoted as global head of FX options trading at BNP in 2012 when the previous head of the business departed. The reason for his exit is unclear, although he's not thought to be joining another firm.
The flow of talent at BNP goes both ways, however. While BNP is hiring in traders from other banks, it's also losing them to rivals - Goldman Sachs included. GS is understood to have hired Darren O'Meara from BNP's rates desk. Paul Mehta, a senior loans and distressed debt trader at BNP is said to have gone to Aberdeen Asset Management. And Paul Crawford, a senior sterling credit trader at BNP is said to be the latest arrival at UBS.
After cutting 233 London jobs last year, BNP Paribas has plans to expand its investment bank in Europe. Under ‘Strategy 2020', BNP plans to achieve compound annual revenue growth across the CIB of 4.5% over the next three years.
Traders at the French bank had an excellent 2016. This may be helping to attract talent from elsewhere and encouraging "upgrading." Goldman Sachs in particular appears to be losing sales trading staff this year, with UBS, Nomura and now BNP all poaching its people. As a result, and following layoffs last year, headhunters say Goldman is hiring. It already recruited Miran Serdarevic, Deutsche’s head of real money sales in London and is thought to have more senior hires lined up.
BNP Paribas declined to comment.
Photo credit: UK Headquarters of BNP Paribas, Harewood Avenue,. London UK by Roberto Herrett is licensed under CC BY 2.0.