One of BNP Paribas's new trading MDs quit for Nomura
BNP Paribas might fancy itself Europe’s best investment bank – or at least a strong contender – but bleeding MDs might not get it far.
Raymond Betita, BNP's head of USD swaps trading, has quit for Nomura, less than a year after being promoted to MD at BNP Paribas.
When the French bank promoted a round of MDs in February this year, the majority of them were based in New York City rather than Paris. Betita, who joined as a director three years previously from Deutsche Bank was one of the lucky New York traders.
Why quit so soon? It might be attributed to the comparatively poor performance of BNP's fixed income traders (compared to Barclays' at least) in the third quarter. Or it may simply be that Nomura is keen to expand its US macro trading business and is making generous offers.
At Nomura, it's understood that Betita will report to Richard Volpe, global head of dollar rates trading at the Japanese bank. Volpe has been adding to his team, and recruited Joe Butler, another MD from Rabobank in September. Nomura has also been hiring for its European rates trading team under Pasquale Cataldi.
Betita started his career in Munich as an analyst for E.ON, the utilities company, before joining Goldman for three and half years and moving from there to Deutsche and BNP.
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