BNP Paribas is buying in traders ahead of its bonuses

BNP Paribas hasn't announced bonuses yet, but things aren't looking great. The pool was predicted by Bloomberg to be up by 5% across the board, but for a CIB that produced a 16% increase in revenue, that’s pretty weak. Luckily, the bank does have money to spend on its people – but it’s using it to bring new faces in.

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Yann Khoury joined BNP last week as a multi-asset hybrids trader in London, working across equities, rates, commodities, and FX. Khoury has a macro background. He joined BNP from MUFG, where he spent three years as deputy head of its rates and FX long-dated structured derivatives desk. He previously spent two years at UBS and eight at Citi. 

MUFJ typically announces bonuses in early May last year, so the implication is that BNP has bought out his bonus for 2024. BNP Paribas itself is on track to announce its own bonuses in early March.

Khoury arrives at BNP after a shakeup in the macro team. Francisco Oliveira, the bank's former head of macro trading, left in September along with various colleagues and is now at SocGen, where he's expected to recruit his previous colleagues. 

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