Just last week, BNP Paribas revealed that it was shutting down its prop-trading desk in London, following suit with Societe General just last month. 2014 has been unkind to banks, namely BNP, who had to pay a record fine just two months ago for violating US sanctions.
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Trafigura is a multinational group specializing in commodity trading and other instruments, with offices in 58 countries worldwide. According to executives from Trafigura in a recent statement to Bloomberg, “The move is part of a broader exit from the business by France’s biggest lender.”
The personnel exodus from BNP has been a lingering trend over recent years – this includes longtime executive Christophe Salmon, who joined Trafigura as its Chief Financial Officer for Europe, the Middle East and Africa (EMEA) after a lengthy tenure at BNP.