Mattatia heads to BNPP amid SG departures

stephane-mattatia of societe generale
Stephane Mattatia is set to join BNP Paribas’ equity derivatives division in Paris

Stephane Mattatia, the equity derivatives structuring veteran who left Societe Generale in April, is set to move to French rival BNP Paribas.

Mattatia, who was most recently global head of product strategy for equities and derivatives at SG Corporate & Investment Banking in Paris, will join BNPP this summer, according to sources familiar with the situation. 

He is expected to join the French bank’s equity derivatives division in Paris. Earlier this year, Nicolas Marque, global equity derivatives head at BNPP, relocated from London to Paris to continue running that division.

A spokesperson at BNP Paribas declined to comment.

Mattatia’s departure from SG comes amid a flurry of senior departures in what one competitor described to Risk.net as a “change of the old guard”.

Last week, the bank confirmed the departure of Richard Quessette, global head of equities and equity derivatives. Quessette joined the bank in 1995 as exotic options trader. In 2004, he became head of exotics trading and took his most recent role in 2015.

Quessette’s destination is not yet known. A spokesperson for SG confirmed Quessette’s departure and said a replacement is expected to be announced in the coming days. 

Earlier today (May 4), SG posted a first quarter revenue of €639 million ($762 million) at its equities and prime services division, down 10.7% year-on-year. That came as rivals posted sharp increases in equity trading as February’s jump in volatility spurred activity.

In its results statement, SG said a substantial revenue increase in flow products and prime services was more than offset by the decline in structured product revenues.

“This lower performance in relation to the industry can be attributed to our business mix, which is more geared towards structured products, and our geographical mix, which is more focused on Europe,” the bank said.

BNP Paribas reported a 19.3% jump in equity and prime services for the first quarter, with revenues of €692 million, as higher volatility drove a recovery in client equity derivatives volumes.

Generation change

One equity derivatives structurer at a rival European house told Risk.net that the latest in a string of senior departures represents a generation change in SG’s equity derivatives team, many of whom spent more than a decade at the bank.

“A lot of senior people who helped to build that business have now gone, which is a big change,” he said. “It’s a real change of the old guard and we’re seeing a new generation.”

That shift began in 2016 when David Escoffier, deputy head of global markets, followed global markets head Daniel Fields out of SG’s door. An equity derivatives stalwart who joined the bank in 1999, Escoffier played a leading role in building SG’s equity derivatives franchise in London.

Frank Drouet, who previously ran the bank’s Asian markets business, took over the reins as global head of markets following Fields’ departure.

A number of long-serving employees left later that year, including Maxime Kahn, head of global equity flow for Europe who had been with the bank for 20 years. Hubert Le Liepvre, head of financial engineering and cross-asset solutions left after almost eight years, while SG parted company with Marc El-Asmar, the global markets sales head, in 2017.

Christophe Mianne left his role as deputy chief executive of SG’s corporate and investment bank in early 2017, after 29 years with the bank. Mianne joined SG in 1988, initially working in the derivatives sales team.

Didier Valet resigned from his role as deputy chief executive responsible for global markets and investor services in March this year, ending 18 years at the bank. His departure followed “a divergence of approaches regarding the management of a specific legal matter”, according to an SG statement.

SG confirmed on May 3 that Séverin Cabannes, deputy chief executive in charge of control functions and group resources, would take over supervision of the global banking and investor solutions activities, including SG CIB.

Mianne became deputy chief executive of wealth management company Primonial in June 2017 and was made director-general of La Financiere de l’Echiquier earlier this year, following a merger of the two firms’ asset management operations.

Mattatia joined SG in 2005, after almost seven years at the French Ministry of Industry. He initially worked in the pricing and structuring team, but was promoted to global head of engineering in the global equity flow division in 2009. In 2014, he took on a cross-asset role, becoming global head of the macro group, before starting his most recent position in 2017.

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