BNP Paribas hired a Credit Suisse director as head of HY sales
As Credit Suisse resists paying retention bonuses to its credit traders, some are taking matters into their own hands and finding new jobs elsewhere.
BNP Paribas has hired Josh Harmon, a New York-based director in high yield sales at the Swiss bank. Harmon has joined BNP as the head of high yield sales in the Americas.
Both Credit Suisse and BNP Paribas declined to comment on the move.
It comes as Credit Suisse has been jettisoning various people from its credit team and as insiders wait to find out what their transplantation to CS First Boston will entail.
Josh Harmon isn't the only Credit Suisse credit professional to flee. Diego Discepoli, the head of the EMEA credit business, recently joined Deutsche Bank, for example.
Credit traders are not having a good year across the industry. Coalition Greenwich, for example, is forecasting that credit trading revenues this year will be at their lowest level since 2012. However, BNP Paribas is engaged in "material expansion" in the Americas and appears to be thinking long term.
Harmon joined Credit Suisse out of college and had been with the bank for 23 years.
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