NEW YORK, Nov 8 (Reuters) - BNP Paribas (BNPP.PA) is expanding its equity probe location Exane successful the United States, aft the euro zone's biggest lender took it implicit past year, the slope said connected Tuesday.
BNP plans to summation Exane's sum of U.S. companies to 450 stocks from its existent 180 stocks by 2025, chiefly successful the technology, media, telecommunications, consumer, healthcare and industrials sectors, it said.
It besides intends to boost its workforce with analysts, traders and salespeople, BNP said successful a statement. The strategical program foresees astir 80 caller hires by 2025, a idiosyncratic acquainted with the substance said.
Michael Rietbrock has joined Exane from Cantor Fitzgerald successful October arsenic caput of U.S. research, according to BNP.
The determination comes arsenic BNP aims to fortify its equities portion and diversify the lender's business, champion known for derivatives.
As portion of this strategy, BNP acquired past twelvemonth a remaining 50% involvement successful currency equities execution and probe location steadfast Exane, which covers 800 stocks globally. Now it is moving to grow Exane's footprint successful the United States.
"The Americas portion is the biggest maturation accidental for america due to the fact that of the size of the interest excavation and our existent marketplace stock [there]. It's truly wherever we privation to grow," Nicolas Marque, caput of planetary equities astatine BNP Paribas told Reuters.
Now astatine the helm of Exane, BNP tin administer and connection the firm's probe to U.S. clients, specified arsenic hedge funds, which tin besides usage BNP's equities premier brokerage and trading services.
Last week, BNP posted a higher-than-expected nett income successful the 3rd quarter, helped by trading revenue.
Reporting by Carolina Mandl, successful New York; Editing by Josie Kao
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