BNP Paribas FX Unit Co-Head Boehler Steps Down After Slump
(Bloomberg) -- The co-head of a key markets business at BNP Paribas SA 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.
BNP Paribas Chief Executive Officer Jean-Laurent Bonnafe has been trying to vault the French bank into the top tiers of European investment banking. The goal has been stymied this year by the fixed-income division, where revenue fell 15 percent in the third quarter to 680 million euros ($775 million). It’s one of the worst performances among lenders that have so far reported for the period.
“We continually need to adapt and strengthen our business, simplify our organization, and streamline decision making processes to meet our ambitious targets and evolving client needs,” Olivier Osty, head of BNP Paribas’ global markets division, wrote in the memo.
Boehler joined from HSBC in 2011 and has held several senior roles at the division. He didn’t immediately respond to requests for comment.
Sally Francis, who helped lead sales for the sprawling division across Europe, the Middle East and Africa, has also stepped down from the role, according to a person familiar with the matter. Umpleby declined to comment.
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