BNP Paribas hiring traders from Goldman Sachs, hedge funds
BNP Paribas is flexing. In an article in Financial News today, George Holst, head of the corporate clients group reiterates the French bank's aspiration to be the European alternative to American banks. In four years, BNP has grown its European advisory team from 95 to 230 people, says Holst. This is impressive (although we suspect that many of those might be in corporate banking). Equally impressive, though, is BNP's apparent appeal to senior credit traders.
As we reported yesterday, BNP has a new head of global distressed debt in the form of Frank Kotsen, who joined this month after a very brief stint at hedge fund Silver Spike Capital. Kotsen, who sources say was hired by BNP around six weeks ago, previously spent nearly 20 years at Bank of America in NYC.
Kotsen isn't BNP's only big credit hire. In London, we understand that the French bank has also recruited Miran Serdarevic from Goldman Sachs.
Last time we came across Serdarevic, it was 2017 and he'd just quit his job as Deutsche's head of real money sales to join Goldman. Nearly six years later, he's jumped again (seemingly post bonuses) to BNP.
What's BNP's appeal? London fixed income headhunter says size and reputation are factors: "BNP is a full spectrum FICC delivery platform," he says. "It has a good reputation for risk and quality pricing, lends to corporate sectors and offers strong financing and structured solutions globally. It's also considered to be well-managed and is a growth story."
Generous guarantees to new hires may also help. ✨
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