BNP Paribas Debt Trading Disappoints After Falling Behind
- Bank says trading conditions less favorable than year earlier
- Fixed income revenue declines 17%, stock trading jumps 12%
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BNP Paribas SA’s trading woes continued in the second quarter as its key debt-trading business posted a further slide in revenue, offsetting unexpected gains in the equities business.
The French lender blamed a lackluster market, especially in Europe, for its fifth straight quarterly decline in revenue from buying and selling bonds, currencies and commodities. Income from BNP Paribas’s biggest trading division also missed analyst estimates and trailed larger Wall Street rivals. Equities trading, by contrast, reached a three-year high.