07/12/2011 Author: Elana Margulies

BNP adds to prime brokerage layoffs

BNP Paribas’ prime brokerage team has seen a number of redundancies, according to sources, following a challenging period for the bank’s hedge fund servicing unit.

Account executives Lissette Figueroa, Jennifer Kirdahy and Michael McCarthy were released as part of a wider spate of recent PB job losses.   

A BNP Paribas spokesperson declined to comment, although a source close to the bank suggested that it had recently lost a small number of prime  brokerage accounts.  

HFMWeek previously reported that the firm’s nearly 300-person prime brokerage had also recently cut back on a number of client service roles.  

The latest job losses come as BNP Paribas’ new chief executive, Jean-Laurent Bonnafe, announced a senior management shake-up last week, when the bank’s executive committee expanded from 12 to 18 members.