As March 2019 draws ominously closer, it's becoming increasingly common for banks to build up their equities and equity derivatives sales and trading teams in continental Europe. Goldman Sachs, for example, has been hiring equity derivatives salespeople in Paris since February and Morgan Stanley and Bank of America are expected to start building teams in the French city soon. BNP Paribas, meanwhile, just made a major equity derivatives hire in Madrid.
The French bank recruited Joaquin Gutierrez from Goldman Sachs to work in its Spanish office. At Goldman in London, Gutierrez was an executive director in equity derivatives sales with clients based in Spain, Portugal, Andorra. At BNP Paribas in Madrid, he will be the head of equity derivatives sales for Iberia. It sounds like a promotion.
Guiterrez's move comes after a Spanish newspaper reported that Credit Suisse is preparing to move 50 people from its global markets and advisory unit in London to the Spanish capital. The Swiss bank told Bloomberg it's preparing for a hard Brexit by preparing multiple locations across Europe, but that it also wants to use the Madrid office to help expand its presence in Latin America.
Gutierrez isn't BNP's only equity derivatives sales hire. Insiders say Jelle Van der Wind has joined from J.P. Morgan. Ultimately, Van der Wind may move to Amsterdam, but for the moment he's at Harewood Avenue, BNP's office in West London.
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