BNP Paribas shakes up fixed income business
(This story originally appeared on IFRe.com, a Thomson Reuters publication)
LONDON, Sept 12 (IFR) - BNP Paribas has shaken up its fixed income business with a significant restructuring of its operations.
From October 1, the fixed income business will be managed across four global product lines and three regions. Frederic Janbon, global head of fixed income, told IFR that under the new structure there are global heads of product lines that include both trading and sales, as opposed to a global head of trading for all asset classes and a global head of sales for all asset classes. He denied that the new structure implied that there would be job and cost cuts in the near future.
"Our Fixed Income management structure has remained constant for quite a while," said Janbon. "Significant market and regulatory changes, coupled with the impressive growth of our Fixed Income business mean that we too, need to adapt."
Among the changes are the creation of four new global product lines. Foreign exchange and local markets will be headed by Guillaume Amblard; G10 rates headed by Arne Groes; credit, which will be run by Benjamin Jacquard, who will also join the fixed income executive committee; and primary markets, which will be run by Martin Egan. Primary markets also includes origination, syndicate, primary derivatives and securitisation. Egan will remain UK head of fixed income.
Furthermore, Europe, the Middle East and Africa activities will be re-grouped into a larger EMEA region, with Henri Foch becoming head of fixed income EMEA in addition to his role as deputy head of fixed income. Rudi Collin will remain fixed income chief operating officer. (Reporting by Spencer Anderson, editing by Christopher Spink)
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