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Is there a disadvantage to having a lot of European markets staff in Paris?

More senior equities professionals are leaving Bank of America in Paris

This time last month, we reported that Bank of America's Paris office had suffered an unusual spate of senior staff departures. One month on, more people have left.

Insiders say BofA has parted company with Gregoire Thomas, the Paris-based head of equity synthetics and securities lending, Niels Christensen, the head of equity distribution for the Nordic region and head of cross asset distribution for EMEA, Romain Paternot, a director in equities trading for equities synthetics and securities lending, and Cedric Van der Haert, a director covering Benelux equities sales.

All four men are thought to have left in recent weeks. Most are thought to have left voluntarily. Bank of America declined to comment.

Thomas joined BofA in Hong Kong in 2017 before moving to Paris in 2019. He previously spent 15 years at SocGen.  Christensen had been t BofA since 2011, but was in London until October 2019. Paternot joined BofA in Paris in 2018 after previously working for UBS in London. Van der Haert joined in 2015 from Credit Suisse and initially worked in London.

Bank of America has an unusually large proportion of its European markets professionals in Paris after opening its French office as a foil against Brexit. Some of those previously are moving back to London to work for banks that kept a higher proportion of staff in the UK. One BofA Paris insider said the local office is complicated by a matrix reporting structure and tensions between Paris and London.

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Photo by Rodrigo Kugnharski on Unsplash

AUTHORSarah Butcher Global Editor

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