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BNP Paribas' head of GBP trading quietly quit for a hedge fund

Rates trading revenues may have softened, but senior rates traders are still moving around. BNP Paribas London G10 rates trading team has been hit by some significant departures. 

Ioana Scripcaru, BNP's London head of GBP trading, is among the exits. Neither BNP nor Scripcaru responded to requests to comment, but it's understood that she left a few weeks ago and is joining the buy-side. 

Millad Jallali, a London solutions salesman at BNP is also understood to have quit. It's not clear where he's going next. 

The recent departures follow a spate of other exits from BNP's business, including Michael Newman, the bank's head of CE3 European currencies rate trading, who left for Barclays in February.

Scripcaru joined BNP as a euro swaps trader in 2014 and became head of GBP rates trading at the bank in July 2021. 

BNP Paribas said its rates and FX trading revenues declined in the second quarter, "compared to a high base in 2022."Banks like Deutsche Bank and Citi complained of a similar affliction.

Even so, headhunters said rates recruitment remains "very very busy" as banks fill legacy gaps from earlier in the year. BNP Paribas now has some new gaps to add.

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AUTHORSarah Butcher Global Editor

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