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Bloomberg
The co-head of a key markets business at BNP Paribas is st-epping down after the French bank reported some of the worst fixed-income trading results for third quarter.
Adrian Boehler, who was co-head of the foreign exchange, local markets and commodities unit, will seek “another career opportunity†within Paris-based BNP Paribas while his counterpart Francisco Oliveira will become sole head, according to a memo obtained by Bloo-mberg. Alexandra Umpleby, a spokeswoman for the bank, confirmed its contents.
BNP Paribas Chief Executive Officer Jean-Laurent Bonnafe has been trying to vault the French bank into the top tiers of European investment banking. The goal has been stymied this year by the fixed-income division, where revenue fell 15 percent in the third quarter to 680 million euros ($775 million). It’s one of the worst performances among lend-ers that have so far reported for the period.