Traders at this French bank like summer sabbaticals and not everyone is happy
French bankers and traders are not known for their enthusiasm for working in July and August. At BNP Paribas in London, one senior trader has taken the summer off and will return in September.
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Gregoire Chazeau, BNP's London-based global head of emerging markets & FX trading, is understood to have gone on sabbatical last week. He will presumably be spending the rest of the summer sur la plage.
Chazeau didn't respond to a request to comment on his intentions, and BNP Paribas declined to comment on his temporary disappearance. There are unconfirmed claims that he's not the only member of the BNP macro team to disappear on sabbatical this summer.
Sources at the French bank say sabbaticals are often a precursor to individuals moving into new jobs. Marc Pelet, BNP's very liked head of macro trading, went on sabbatical last year for example. When he came back, Pelet was global head of treasuries instead.
Chazeau's disappearance follows various changes in BNP's macro team. Francisco Oliveira, the bank's co-head of global macro and credit trading, was unexpectedly ejected last September and is now at SocGen instead.
BNP Paribas' fixed income trading business is now run by Arne Groes, who has a credit trading background. Insiders fear that Groes will prioritize credit above macro trading, and that Chazeau's long hot summer is precursor to changes this autumn.
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