BNP Paribas reorganises fixed-income business

BNP Paribas is set to reorganise its fixed-income business by splitting its marketing and trading activities. The new set-up replaces a structure where the division was split into three areas: foreign exchange, interest rates and credit.

The French bank has appointed Frederic Janbon as global head of trading. He will be responsible for all risk-taking business in foreign exchange, rates and credit.

David Brunner will relocate to London from New York and will co-head marketing with joint responsibility for all client-facing business with Paul Hearn. The three will report to Jacques d’Estais, global head of fixed income.

BNP Paribas said it is making the changes to reflect changing market conditions. "It has become increasingly clear that the old operating model was reaching its limits. Clients have been asking us to provide them with a more integrated coverage across fixed-income asset classes and product types, a service that our previous marketing organisation did not easily provide," said a bank spokesman.

He added that a more integrated approach to taking risks across asset classes should provide more trading opportunities.

Other changes include Bob Hawley, who is moving from Tokyo to New York to take responsibility for fixed-income Americas. Hiraru Ogata will replace Hawley as head of fixed-income in Japan, while Eric Nicolas remains head of fixed-income for Asia.