BNP Paribas has pushed to reorganize its corporate and investment banking business in the Americas by making some key staffing swaps within equities, derivatives and structured finance, the firm said yesterday.
According to the global banking and financial services powerhouse, Edward Speal will become its Americas head of global equities and commodity derivatives (GECD), Lionel Crassier will lead equities for the Americas and serves as deputy head for GECD, and Dan Cozine will take over as head of its structured finance business.
Alternately, Chris Innes will become head of equity flow and financing sales for the sector, the Aug. 17 statement said.
“As the Capital Markets evolve, our platform is working to take advantage of the opportunities presented to our business as well as adapting to the changing regulatory environment,” Yann Gerardin, BNP global head of equities and commodity derivatives, said in the release. “Our goal is to continue providing the best service to our clients and building our client franchise, including becoming a top five player in prime brokerage globally.”
Previously, Speal, a 20-year firm veteran, held the head of structured finance role since 2008. Alternately, Crassier held Speal’s GECD post since 2009, and become the head of equity derivate trading and structuring roughly three years earlier. In his new role, Crassier, who has been with BNP Paribas for 15-years, will “focus on aligning [its] equity derivatives organization within [its] global strategy,” the announcement stated.
Also, both Cozine and Innes join BNP Paribas from two separate outside firms. Cozine previously served as the head of loan syndications and trading for U.K.-based EMEA and Innes has headed Bank of America’s EQD and finance platform, the press release said.
To add, Everett Schenk, BNP Paribas head of territory, North America, said in his comments that the major goal for the group “is to continue growing [its] investment banking operation in the U.S.”
“We have taken advantage of the tremendous opportunities that have been presented to us over the past two years and have expanded by product as well as by adding several senior level people,” Schenk said. “We will continue to invest in the platform and explore further opportunities for expansion.”
Currently, BNP Paribas has a presence in 80 countries. Additionally, its investment banking arm services nearly 13,000 corporate and institutional clients worldwide.
Michael Giardina writes for Investment Management Weekly.