A longtime managing director at RBC Capital Markets is taking on added responsibilities by joining BNP Paribas as its head of corporate sales for the Americas. Scott Sinawi started earlier this month in New York.
Spending the last decade at RBC Capital, Sinawi was promoted two years ago to run U.S. rates sales within the firm’s fixed income currencies and commodities (FICC) trading group. He had previously headed up corporate risk solutions within FICC. Sinawi cut his teeth at Morgan Stanley and eventually made managing director at Bank of America Merrill Lynch before moving to RBC Capital in 2009. He has his bachelor’s and master’s degree in physics from Columbia University as well as his JD from Harvard University. BNP confirmed the hire but didn’t comment further.
Sinawi is beginning with BNP at an interesting time. While the French bank is cutting staff in certain areas, its fixed income sales and trading teams are coming off a monster quarter when most every other major bank disappointed. FICC sales and trading revenues were up 29% year-on-year during Q1, with the bank attributing some of the success to strong growth in rates and foreign exchange. The performance came only about six months after BNP made a handful of fixed income cuts in London. The bank has yet to report second quarter earnings. As of now, it seems to be a good time and place for Sinawi to join BNP.
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