BNP Paribas strengthens equities unit in London with hire of Credit Suisse risk arbitrage team

BNP Paribas is bolstering its equities team in London with the hire of Credit Suisse’s event driven team, according to two people familiar with the matter.

Susan Stryker Marinello, event driven specialist sales for the EMEA region at the Swiss bank, and Andy Martin and Simon Scott, both risk arbitrage traders, are joining the French lender, according to the people who spoke on condition of anonymity as the matter is private. The team previously worked together at Wall Street giant Citi prior to joining Credit Suisse.

One equities specialist who spoke on condition of anonymity said the hiring of this unit was seen as a strong move following BNP Paribas’ acquisition of Exane in 2021. That deal saw BNP bring its cash equities trading and research, and derivatives activities back in-house after a 17-year partnership with Exane. The hires are part of the French bank’s expansion into cash equities following Exane coming back into the fold, another source said.

Stryker Marinello and Scott didn’t immediately respond to requests for comment. Martin declined to comment.

Credit Suisse declined to comment. BNP Paribas declined to comment.

The team’s departure from Credit Suisse follows the bank’s forced merger with rival UBS Group, which was driven through by Swiss regulators. Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares owned, equivalent to a price of CHF0.76/share, for a total consideration of three billion Swiss francs. The Swiss National Bank said that the takeover provided a solution to “secure financial stability and protect the Swiss economy in this exceptional situation.”

It has been reported that UBS could cut its workforce by between 20% and 30% after completing the takeover of its rival. The deal is expected to close by the end of May or early June, UBS chief executive Sergio Ermotti said earlier this month.

They aren’t the only equities staff leaving the Swiss bank’s London business.

Yannis Bostantzoglou, a managing director in equities sales trading, is leaving Credit Suisse to join US rival JP Morgan in a similar position, according to two people familiar with the matter. Bostantzoglou didn’t immediately respond to a request for comment by publication time. JPMorgan and Credit Suisse both declined to comment.

Rebecca Warde, an equities trader at the Swiss lender in London, also left the bank in April and joined hedge fund AKO Capital in May, according to her LinkedIn profile.