November 5, 2018 / 5:34 PM / 10 days ago

BNP Paribas top trader steps down after weak third quarter

The logo of French bank BNP Paribas is pictured during the Viva Tech start-up and technology summit in Paris, France, May 25, 2018. REUTERS/Charles Platiau

PARIS (Reuters) - One of the top traders at France’s largest listed bank BNP Paribas (BNPP.PA) is stepping down, less than a week after the bank unveiled disappointing third quarter figures.

London-based Adrian Boehler, who was until now the global co-head of the bank’s foreign exchange, fixed income and commodity derivatives unit will remain at the bank, a spokeswoman said. She did not specify what his new job will be.

Boehler’s co-head Francisco Oliveira will head the unit on his own.

BNP Paribas last week reported weaker than expected third-quarter revenue, dragged down by the performance of the unit, which reported a 15 percent contraction in the third quarter.

The bank’s Chief Financial Officer Lars Machenil attributed the disappointing performance to “lacklustre fixed income in Europe,” though other large banks didn’t perform as poorly.

The unit had already underperformed in the first and second quarters of this year compared with the same periods in 2017.

Reporting by Inti Landauro; Editing by GV De Clercq

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