Bloomberg reports that BNP Paribas is set to expand its equities business by hiring more analysts, boosting its equity program trading unit and offering services to hedge funds.
The bank is believed to be concerned that it may lose out to bigger rivals when global economies recover. It is known mainly as a player in fixed income and derivatives. It now plans to be in the top 10 in global equities. It is also planning to beef up its European merger advisory business, where it is also weak.
BNP announced last week that it was looking to make mid-sized investments in the next 4 years, but it was also committed to expanding the investment bank by organic growth. It will soon be looking to hire senior staff in Europe.