BNP Paribas SA (EPA: BNP) hired away Citigroup, Inc (NYSE: C)’s Gerry Fowler as the company’s new head of equity derivatives strategy, according to a report from Bloomberg News citing two people familiar with the situation.
Mr. Fowler, age 31, will begin at the French bank in October and be based out of London. Most recently, Folwer as the global head of equity derivatives research for Citigroup, Inc (NYSE: C) in London. Fowler had joined Citigroup, Inc (NYSE: C) in 2001 and started in the company’s derivatives strategy in the next year. He became Citigroup’s global head of equity derivatives research in January 2009.
“The Europeans are increasingly dominating the derivatives business from a global perspective,” said Boyden Global Executive Search Ltd. Managing director Richard Lipstein to Bloomberg. “If you’re running a global bank you need to have someone looking at the big picture. The derivatives market continues to be strong, and increasingly it’s the purview of global players.”
BNP Paribas SA is a France-based bank group with operations throughout the world. It has three core businesses: Retail Banking, Asset Management and Services, as well as Corporate and Investment Banking. Retail Banking comprises the French Retail Banking division, BNL Banca Commerciale in Italy and the International Retail Banking and Financial Services division. Asset Management and Services business is organized around three lines, including Wealth and Asset Management, Insurance and Securities Services. The operations in the field of Corporate and Investment Banking revolve around equities and derivatives, fixed income, corporate finance and structured finance solutions, loans and portfolio management, cash management, and the Energy Commodities Export Project division. Headquartered in Paris, France, the Bank operates through its subsidiaries in more than 85 countries across Europe, the Americas, Africa, the Middle East, Asia, and Oceania.
Shares of BNP Paribas traded down 1.13% hitting $49.19 during mid-day trading on Monday.
