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BNP Hires Goldman Face

BNP Paribas has hired Cyril Cottu from Goldman Sachs, where
he was head of the FICC EMEA sales middle market initiative. Starting in July,
Cottu will assume a senior role in the bank’s eCommerce business, reporting to
Rudi Collin, BNP Paribas’ head of digital transformation.

Cottu can be considered as a pioneer of FX eCommerce. He
joined Goldman in 1998 and as P&L reported back in 2009, he was “ key
to building the bank’s global FX e-commerce strategy
”.

In 2006, he was named head of Goldman’s property derivatives
business and from 2008 until 2010, he ran macro rates sales for France, Belgium
and Luxembourg. He moved back into eCommerce in 2009, taking responsibility for
Goldman’s electronic trading strategy and distribution across FICC products
globally. Cottu was made a managing director in 2006 and partner in 2010.

Goldman confirmed his departure in a memo last week. This
said that Cottu had played an important role launching new initiatives and
acted as a strong role model.

Although his title has not yet been confirmed, it appears
that Cottu will be at least partially replacing Thomas Soede. He left BNP
Paribas earlier this year to run the ‘Bank
in a Box’ initiative
. Sources say that Cottu’s capture is likely to be seen as a
very shrewd move by the French bank.   

Cottu’s appointment is also somewhat of a homecoming. Much
earlier in his career he held a senior FX sales and marketing role at the old Banque
Paribas/Paribas Capital Markets.

Editorial

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