Credit Agricole quietly hired Barclays' ex-head of EMEA macro sales in NY

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Remember Kashif Zafar? He's the former head of EMEA senior relationship management and ex-co head of global macro products who left Barclays earlier this year after the British bank hired Filippo Zorzoli from Bank of America Merrill Lynch in June 2017. He's turned up at Credit Agricole.

Insiders say Zafar will be based at Credit Agricole's New York office, where he's expected to become head of North American macro sales. Neither Credit Agricole nor Zafar responded to a request to comment on the move, but Zafar is already on Credit Agricole's internal directory - although he has yet to manifest himself at CA on his FINRA Registration. 

Zafar is the second major macro hire at Credit Agricole in recent months. In July, the French bank hired Paul Lynn, who left Nomura in May. Lynn, who was head of macro sales for EMEA at Nomura, joined Credit Agricole as head of financial institution sales for the UK, in London.

Earlier this week, research firm Coalition said G10 rates revenues fell by 7% across the market year-on-year in the first half of 2018. Buckingham Research predicts that contracts for global rates derivatives will be down another 1% in the third quarter. 

Nonetheless, Credit Agricole seems to taking advantage of senior macro talent leaving other banks. By hiring people from the street, the French bank will have avoided the need to buy out previous years' deferred bonuses.

Zafar spent 14 years at Barclays after joining in 2004. This won't be his first time on Wall Street - he previously spent three years as co-head of U.S. rates structuring at Credit Suisse and three years as co-head of FIG derivatives marketing and structuring at J.P. Morgan - both in New York.

Credit Agricole's enthusiasm for macro sales people comes after rival French bank Natixis yesterday announced plans to sell some capital intensive retail lending units to its parent company and focus on the solutions side of its global markets business and building a 'multi-boutique' model in M&A. 

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