BNP Paribas has made a series of high-level appointments to its markets businesses, with the aim to integrate its electronic trading and technology teams.

The French bank has made a number of changes to its European and Asian markets business, while its head of international prime services, Matthew Pinnock, is set to depart The TRADE understands, sparking a reshuffle to the prime brokerage unit.

Kieron Smith, its current global head of derivatives execution and clearing, will become deputy head of prime services & financing, while Raphael Masgnaux will become the sole head of G10 rates and prime services & financing (PS&F).

According to an internal memo seen by The TRADE, BNP Paribas aims to integrate its technology and markets teams with a focus on its digital capabilities.

It has appointed Cyril Cottu, co-head of electronic market making and commerce, to a new role as head of digital and eCommerce for global markets. BNP Paribas has also promoted its other co-head, Alexandre Benech, to become global head of electronic trading.

Meanwhile BNP Paribas will relocate its head of European markets, Pascal Fischer, to Hong Kong to lead its Asia Pacific markets team.

In the US, it has made John Gallo and Hubert de Lambilly head of sales and head of trading for global markets Americas respectively.  Gallo joined BNP Paribas in November as head of institutional sales for the Americas.

Furthermore BNP Paribas’ head of global markets Latin America, Francisco Oliveria, will relocate from New York to London and jointly run the foreign exchange, local markets and commodity derivatives business line alongside Adrian Boehler 

The reshuffle to its global markets business comes just over three months after it made similar changes to its global agency lending team.

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Deutsche Bank is cutting around 3,400 clients from its global markets business in fixed income and equities sales trading, according to a leaked memo.

Execution of equities trading orders and all debt and equities sales trading activity will be closed for some financial institutions and hedge funds, the memo said.

A spokesperson at the German bank confirmed the contents of the memo - written by Dixit Joshi, head of institutional client group debt at Deutsche.

The move is part of Deutsche Bank’s wider restructuring and cost saving plans, which was announced in October this year.

The strategy included reducing the number of clients in the bank’s global markets and corporate investment banking businesses by half, “especially in higher operating risk countries.”

Deutsche Bank said it opted for this strategy, “given that approximately 30% of clients produce 80% of the revenues in these business divisions.”

The bank is aiming to save €3.8 billion by 2018 through restructuring and severance costs of between €3 billion and €3.5 billion.

John Cryan, chief executive officer at Deutsche Bank, said at the time the plans were announced: “Sadly, this means… reducing some of our front-office and infrastructure staff too. This is never an easy task, and we will not do so lightly.

“I promise that we will take great care in this process, moving forward together with our workers’ representatives.”

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O’Hara, who had worked at the bank for 30 years, had only held the role of CEO of global markets for 10 months.

Prior to his promotion in October last year, O’Hara previously served as head of investment banking for equities, and global head of equities.

He has been replaced by Brian Chin, co-head of credit, with immediate effect. Chin will also join Credit Suisse’s executive board.

Eric Varvel, global head of asset management, will also take over O’Hara’s role as president and CEO of its US business, Credit Suisse Holdings (US), the bank said in a statement.

Credit Suisse’s CEO Tidjane Thiam, who has been responsible for implementing the bank’s radical restructuring, said in the statement: “I am especially thankful to Tim for steering Global Markets through its recent accelerated restructuring programme.”

The global markets unit has been at the centre of its restructuring in the face of massive losses, reducing its riskiest trading positions with $346 million in write-downs. 

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Credit Suisse is to slash an additional 2,000 jobs from its investment banking business, as its corporate restructuring accelerates.

The 2,000 job cuts follow last month’s news that the Swiss bank would be cutting 4,000 roles to cut costs.   

The bank has increased its targeted savings from CHF 3.5 billion to CHF 4.3 billion by the end of 2018.

In a statement, chief executive officer, Tidjane Thiam, explained its recent performance highlighted two areas of challenge for the bank: its fixed cost base, and its scale in Global Markets in the Americas and Europe.

Thiam said: “We are taking action to lower the cost base of Global Markets by reducing headcount by 2,000. This will drive a decline in the Global Markets’ cost base from USD 6.6 billion to USD 5.4 billion by end-2018.”

He explained the measures being taken are to strengthen the bank’s capital base and reduce operating costs, to “improve our resilience and flexibility going forward.”

Credit Suisse is streamlining its Global Markets business after suffering the first annual loss since the financial crisis.

The Swiss bank reported it suffered a pre-tax loss of CHF 2,422 million in 2015 and a pre-tax loss of CHF 6,441 million in the fourth quarter of 2015.

Its Global Markets division reported a 14% decline in revenues, with fixed income sales and trading revenues suffering a loss.

Credit Suisse agreed to a settlement of $84.3 million with the SEC earlier this year, after lawsuits were filed for misleading investors in its dark pools.

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