BNP Shuffles Markets Unit as Janbon Quits Fixed Income

BNP Paribas SA, hit by a $9 billion fine this year for violating U.S. sanctions, is shuffling its markets activities under Yann Gerardin, with fixed-income trading chief Frederic Janbon taking a step back from his role.

BNP is combining trading activities and redefining its investment-banking unit as “corporate and institutional banking,” the Paris-based company said in a statement today. Gerardin, named head of the division in September, will add direct management of a newly created global markets business line. Janbon, previously head of fixed income, becomes a special adviser to BNP’s general management, the bank said.