* Departure coincides with renewed Asian expansion drive
* Bank has lost seven of nine in cash equities sales this
* Equity sales profit hit by e-trading, regulatory change
(Adds other departures, bank's Asia ambitions)
By Lawrence White
HONG KONG, May 13 BNP Paribas SA's
head of equity sales in Asia Pacific Stephen Carney on Tuesday
became the seventh departure from a nine-person sales team over
the past nine months, people familiar with the matter said.
Carney's resignation from the cash equities sales team
follows the departures of Kevin Bilsby, Lee McQueen and Timothy
Wong in the last month, showed BNP filings with Hong Kong's
The departures coincide with BNP's renewed Asian growth
plan, announced in March, under which the bank will hire 1,300
bankers over three years in its investment solutions and
corporate investment banking divisions.
BNP, like global peers, had embarked on Asian expansion
after the 2008 global financial crisis, betting on a boom in
stock sales and trading as equities markets recovered quicker
than in Western markets.
As part of that expansion, BNP sent emerging markets cash
equities head Lee Cook from London to Hong Kong in 2010 to take
over Asia Pacific sales.
But banks have since had to contend with lower stock broking
commissions to counter the rise of electronic trading, and
respond to new U.S. and European regulations which have changed
the way clients globally pay for research.
Reuters was unable to determine whether BNP Paribas has
replaced any equity sales bankers. The person familiar with the
matter declined to be identified as the information was not yet
Carney declined to comment when reached by mobile telephone.
BNP spokeswoman Lilian Goh declined to comment on any
departures in an emailed statement.
"BNP Paribas' cash equity business continues to perform well
in Asia-Pacific, reporting solid growth in profits in 2013 and
also positive growth in Q1 2014," Goh said.
(Editing by Christopher Cushing)