BNP Paribas has hired a senior executive from Deutsche Bank to lead its prime services unit, as the French bank continues to integrate the business it bought from the German lender as part of its strategic overhaul.
Ashley Wilson has been named global head of prime services at BNP Paribas, according to a statement from the bank. He joins from Deutsche, where he was a managing director in its prime finance unit.
BNP Paribas acquired Deutsche’s prime brokerage and equities electronic execution unit in 2019 as part of the German lender’s efforts to scale back its investment bank and overhaul its business. Deutsche shuttered its equity trading division as part of the changes, which will eventually mean 18,000 jobs are lost.
He joins BNP Paribas at a time of upheaval for the prime services divisions of major banks, which provide solutions to hedge funds. The collapse of family office Archegos Capital, which led to a loss of $5.5bn at Credit Suisse and nearly $3bn at Nomura, has led to the banks scaling back their prime services units. Rivals including Goldman Sachs and Morgan Stanley cited increased market share in their units during their second quarter results.
BNP Paribas will eventually take on around 800 staff as part of its acquisition of Deutsche’s prime brokerage and electronic business. Wilson has spent nearly eight years at the German lender, having joined from Barclays in 2014.
As part of the changes, BNP Paribas has also promoted John Gallo, who leads its markets business in the Americas, as global head of institutional sales. He will report into Olivier Osty, head of global markets.
To contact the author of this story with feedback or news, email Paul Clarke