BNP Paribas SA (BNP) hired Paul Lesueur and Evan Malik for a U.S. credit group that’s undergoing changes after adding former UBS AG (UBSN) investment-bank board member Jon Bass last year.
Lesueur started at the firm’s New York office this month as a senior junk-bond salesman, while Malik joined as head of U.S. mortgage and asset-backed debt sales in December, according to spokeswoman Cesaltine Gregorio. Both report to Bass, who became the firm’s head of fixed-income sales and investor relationship management in October.
France’s biggest bank has hired at least six credit brokers in the U.S. during the past four months, including high-yield bond trader Kurt Krestinski and junk salesman Jack Gill and Chris Savinelli. The firm was the 18th most-active underwriter of junk bonds in the U.S. last year, down from 14th place in 2011, according to data compiled by Bloomberg.
Lesueur, who joined from Lazard Capital Markets LLC, previously worked at Merrill Lynch, Pierce, Fenner & Smith Inc., for five years through July 2007, according to records maintained by the Financial Industry Regulatory Authority. Merrill Lynch is now part of Bank of America Corp. Malik, who worked at UBS from 2001 to May 2008, most recently was employed by CRT Capital Group LLC, the records show.
BNP Paribas said third-quarter profit more than doubled after it posted higher revenue at the investment-banking unit. While BNP Paribas reduced its staff by almost 2 percent from 2009 through 2011, it increased the number of employees in the Americas by almost 1 percent, Bloomberg data show.
Bass joined the firm from Mizuho Financial Group Inc., where he had headed high-yield debt sales. Before that, he led institutional sales and fixed income at MF Global Holdings Ltd.
High-yield, high-risk debt is rated below Baa3 by Moody’s Investors Service and lower than BBB- at Standard & Poor’s.
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