BNP Paribas is cutting more jobs in its equities business
Morgan Stanley just reported an exemplary quarter in equities sales and trading, but BNP Paribas seems to be cutting costs in its own equities business.
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The French bank didn't respond to requests to comment on the cuts, but various sources said the equities business is cutting heads. The cuts are mostly in New York today, but more are expected to follow in London next week.
Today's cuts are thought to affect Tim Street and Ani Altoonian, both of whom joined from Deutsche Bank when BNP acquired the German bank's electronic equities business. Street, who is based in London, was an equity sales trader. Altoonian, who is based in New York, was head of quantitative equity sales trading. Mark Anastasi, a director in equity sales who joined in 2022, is also thought to be leading.
None of the three responded to a request to comment on their situations.
The cuts come after BNP also parted company with Brian Gallagher, the head of European execution and Jason Yates, the head of APAC execution in the first quarter. Jonathan O'Keefe, the bank's head of sales trading and execution prime brokerage relationships, left in May.
BNP has been hiring too. Alex Ford, head of equity block solutions at Citi in London, joined as head of high touch sales trading last month.
BNP has spent heavily to build its equities business and insiders say there is very heavy pressure for results. Equities sales and trading revenues at the French bank fell nearly 15% in the second quarter.
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