BNP Paribas hires 30 to build up new China securities unit
- The Paris-based lender is leveraging its European status to slowly expand in China even as some Wall Street firms scale back amid growing US-China tensions.
- In the past two years, Morgan Stanley, Goldman Sachs and JPMorgan have all made rounds of job cuts in Hong Kong and China
BNP Paribas has hired close to 30 people to launch its securities operation in China, re-entering the market after exiting a local joint venture 17 years ago, people familiar with the matter said.
The French bank will initially focus on building out its brokerage, research and asset management units after receiving regulatory approval last week. The firm has opted not to expand its onshore investment-banking business due to the excessive costs and a dismal outlook for deals, the people said, asking not to be identified discussing private matters.
A Hong Kong-based spokesperson declined to comment.
The Paris-based lender is leveraging its European status to slowly expand in China even as some Wall Street firms scale back amid growing US-China tensions. In the past two years, Morgan Stanley, Goldman Sachs and JPMorgan have all made rounds of job cuts in Hong Kong and China, mostly in their investment-banking businesses as stock underwriting fees dwindle.
BNP, led by Asia Chief Executive Officer Paul Yang since 2020, has instead focused on corporate banking in China, broadening the mix of revenue from financing, transaction banking, cash management and fixed-income sales.
