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Cuts and senior exits from BNP Paribas' fixed income business

BNP Paribas has become the latest bank to let go of staff. 

Insiders say the French bank cut between 30-35 people from its London fixed income sales and trading business last week, with various people in electronic trading and rates trading affected. 

BNP Paribas declined to comment.

Two senior people are understood to be in the process of leaving BNP's business in London. They include Shiva Subramaniam, the global head of emerging markets credit sales at BNP, who is understood to be negotiating an exit, and Frederick Chillcott, head of market access for G10 rates in Europe, who it's understood was put at risk last week. Both are still employed by the bank. Neither responded to a request to comment.

BNP Paribas is not alone in cutting costs in the fourth quarter: NatWest Markets, Goldman Sachs, Citi and HSBC have been doing the same.

BNP Paribas said in July that it had moved 400 jobs out of London due to Brexit, of which it said 160 are front office roles and 240 are support functions (predominantly IT). However, it also said that only 260 of its new European roles had been "taken up" - implying that London staff didn't want to move to Paris.

BNP is cutting even though revenues increased 150% year-on-year in its fixed income business in the second quarter 

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AUTHORSarah Butcher Global Editor

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