The co-head of a key markets business at BNP Paribas is stepping down after the French bank reported some of the worst fixed-income trading results for the third quarter.
Adrian Boehler, who was co-head of the foreign exchange, local markets and commodities unit, will seek “another career opportunity” within Paris-based BNP Paribas while his counterpart Francisco Oliveira will become sole head, according to a memo obtained by Bloomberg. Alexandra Umpleby, a spokeswoman for the bank, confirmed its contents.
In the meantime, Bloomberg News also reports that BNP Paribas is preparing to move between 85 and 90 workers from its global markets unit in London to other locations in the European Union, if a hard Brexit takes place.
The vast majority of the workers are salespeople and will relocate to locations including Paris, Frankfurt and Milan, a spokeswoman for BNP Paribas confirmed. The bank’s plans mimics that of other international banks, which are sketching plans to selectively move staff out of London to other European cities.
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