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BofA has made a big hire in Paris.

Bank of America’s Paris coup from BNP Paribas

Bank of America has poached a BNP stalwart to be its EU FICC sales and trading COO in Paris.

It's hired Bruno Chauvière, a BNP veteran of 18 years. Chauvière was the HR director for the Paris-based bank for over three years, covering global markets. His arrival at BofA in Paris might be an indication that the US bank intends to expand in the French city. 

He arrives at BofA after the North Carolina-based bank revealed this week that it had reviewed hiring and is being more circumspect about recruitment.

Paris is positioning itself as the key European trading centre post-Brexit. It may help, therefore, that at BNP Chauvière also headed up the bank's global market’s Brexit strategy. The European Central Bank is pushing for banks to build out European trading hubs.

Finanicial News reported earlier this week that banks were under increased pressure from regulators to bolster their European presence. In a blog post earlier this year, ECB chief Andrea Enria noted that trading desks which “rely fully on risk management hubs and financial infrastructures located in third countries” were a significant concern to the institution.

Chauvière might be looking at with some disappointment at his bonus check when he arrives at BofA – its traders weren’t very well rewarded after a successful quarter – and BNP’s bankers are much more optimistic.

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AUTHORZeno Toulon

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