Deutsche Bank's equities people are still getting rehoused. The latest to turn up elsewhere is Mike Ross, who has joined BNP Paribas.
Ross, who spent nearly 20 years at Deutsche Bank, latterly as head of the EMEA institutional equity derivatives and synthetic sales team, joined BNP Paribas this month as head of synthetic equity distribution, according to his LinkedIn profile. Ross is based in the London office.
Deutsche Bank announced plans to close its equities business in July 2019 and sold portfolios of equity derivatives assets to Goldman Sachs and Barclays in September. BNP Paribas was also planning to bid for Deutsche's equity derivatives book in August.
BNP Paribas is buying Deutsche Bank's prime brokerage business, including its electronic equities clients. BNP Paribas CEO Jean-Laurent Bonnafé said last week that the integration of Deutsche's business could cost €100m this year. Ross, who has likely been working in Deutsche's capital release unit (CRU) since July, could soon have plenty of other ex-DB colleagues at BNP.
BNP Paribas announced its 2019 results last week. Profits in the global markets business rose 73% year-on-year and equities revenues were up 31% over the same period.
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