As we reported yesterday, banks appear to be upgrading London credit trading teams after excellent first and second quarters. Many of the moves appear to be in the same direction: from European banks to U.S. banks.
The latest person to make this journey is Akash Garg, an emerging markets credit trader who has left BNP Paribas and joined JPMorgan.
As a comparatively junior trader, Garg's exit is unremarkable except that he wasn't at BNP Paribas for long at all: he only joined in July 2019 and was one of a number of hires that BNP made to compensate for earlier departures from its credit trading business. Garg didn't even wait two bonus rounds.
BNP Paribas reported its second quarter results last week. The French bank achieved a 154% increase in fixed sales and trading revenues year-on-year in Q2, citing "exceptional performances with very strong growth in all businesses (primary and credit markets, rates, forex & emerging markets)." By comparison, fixed income sales and trading revenues at JPMorgan rose 99% over the period, "driven by strong performance across products."
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