“The banking industry has changed dramatically”.
BNP Paribas, hit by a $9bn fine this year for violating U.S. sanctions, is shuffling its markets activities under Yann Gerardin, with fixed-income trading chief Frederic Janbon taking a step back from his role.
Gerardin, named head of the division in September, will add direct management of a newly created global markets business line. Janbon, previously head of fixed income, becomes a special adviser to BNP’s general management, the bank said.
“The banking industry has changed dramatically” and BNP wants to serve its corporate and institutional clients “more simply and more efficiently,” Gerardin said in the statement. The new set-up “will also reinforce our capacity to achieve our development plans as announced earlier this year.”
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