Suspended New York Natixis Trader Jacquet to Leave After Probe
(Bloomberg) -- A senior trader at Natixis SA in New York is leaving the French lender after he was suspended late last year amid an internal probe into some of his transactions, according to people familiar with the matter.
Jean-Baptiste Jacquet, a Natixis veteran who oversees some of the firm’s U.S. derivatives businesses, stopped coming to work last year pending the probe, Bloomberg reported in November. Officials at the Paris-based bank have been reviewing whether he acted improperly in how he recorded trades and managed his portfolio of transactions, people familiar with the matter said then.
Chief Executive Officer Francois Riahi has been trying to reassure investors and regulators that he has a handle on the bank’s controls after a series of incidents since 2018 dragged down the firm’s shares. The CEO has since hired a new global head of risk from JPMorgan Chase & Co. and a batch of senior traders in Asia, while creating a new role to specifically oversee risks in the U.S.
Jacquet didn’t respond to requests for comment. Daniel Wilson, a spokesman for Natixis in Paris, declined to comment on the trader’s departure or on whether the probe had concluded.
In a Nov. 26 statement, the bank described Jacquet’s suspension as “a purely internal procedure” that was “by no means” related to a trading loss and that had “no impact whatsoever on Natixis’ clients or businesses.”
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