SocGen's head of equity sales said to be joining BNP Paribas
BNP Paribas may have lost its global head of prime broking, but it appears to have achieved a new head of global equity sales.
Multiple sources inform us that the French bank has recruited Julien Lascar from SocGen in Paris.
Lascar, who's LinkedIn account says he left SocGen after nearly 20 years in June and is currently on a career break, is said to be joining BNP as global head of equity derivative sales. Lascar declined to comment, and BNP didn't respond to a request to verify the move. He's unlikely to turn up at BNP Paribas for several months though: SocGen has notoriously long five month non-competes for front office staff, which means Lascar will probably be out of the market until December.
Lascar's exit comes after SocGen restructured its equity derivatives business in late 2020 after making a €200 million loss on structured products early in the pandemic. However, equities revenues at the bank were up 20% year-on-year in the first quarter of 2022, and SocGen said its portfolio of structured products is now "stable."
BNP Paribas has been hiring for its corporate and investment bank as part of an ambitious growth plan. Yesterday's exit of Ashley Wilson as head of prime brokerage was unfortunate, but sources say Lascar might be well placed to help out as he was also working on prime sales at SocGen before he left.
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