BNP Paribas unveils senior fixed income line-up

BNP Paribas has reshuffled senior fixed income roles in its first revamp of the division in five years. Martin Egan, global head of syndicate, has been promoted to run global primary markets, while Mark Goldman, co-head of the institutional client group, has left the bank.

Egan, who will retain his role as global head of syndicate, also becomes global head of primary markets. That position was previously held by Paul Hearn, who now heads a new fixed income marketing group alongside David Brunner. Frédéric Janbon runs the trading team.

The moves are part of a raft of senior managerial changes in BNP Paribas' European fixed income group, which was reorganised into two divisions - trading and marketing - at the end of January in a bid to improve cross-selling.

The revamp, which is the first since BNP Paribas' merger with Banque Nationale de Paris, involved combining the French bank's foreign exchange, rates and derivatives, and credit businesses.

Hearn said Egan's promotion reflects BNP Paribas' desire not to lose its focus on primary markets business. Egan will be supported on the syndicate front by European co-heads of syndicate Rob Whichello and Fred Zorzi, to allow him to focus on his new, wider remit across primary markets business.

As part of his new role, Egan will work with Stefano Paschetto, now sole head of the institutional client group following Goldman's departure, and Ligia Torres, the former head of FX sales who now heads the European corporate group. The two groups were created last summer to market derivatives and debt products to financial, and corporate, sovereign, supranational and agency clients. They now handle FX business as well.

BNP Paribas is also eyeing further expansion of other parts of its debt business including debt advisory, ratings advisory, and liability and balance sheet management work for corporate and financial clients, according to Hearn.