BNP Replaces Americas Fixed-Income Co-Heads With Asia Chief

BNP Paribas SA’s co-heads of fixed income in the Americas, Kip Testwuide and Christian Mundigo, are being replaced by Bob Hawley, who now leads the business in the Asia-Pacific region, according to Cesaltine Gregorio, a spokeswoman for the Paris-based bank.

Testwuide declined to comment when reached by telephone and Mundigo didn’t immediately return a telephone message.

The company said in September it was restructuring its corporate and investment banking unit to create management across four product lines and three regions. In North America, the bank is looking to “consolidate our presence in a major market” and “adapt the business model to changes in market infrastructure,” according to a slide from a Feb. 13 presentation.

Harpal Maini, the bank’s head mortgage trader, Mallory Brooks, head of U.S. interest-rate sales, and Sean Reddington, a banker in the lender’s securitization group, were among employees who departed the company last week as it cut fixed-income staff in its New York investment-banking unit, people with knowledge of the matter said at the time.

Hiroshi Yamazaki, now head of fixed income for Japan, will move to Hong Kong and take over Hawley’s current role, BNP said today in an e-mailed statement. Jon Bass, head of fixed-income sales and institutional relationship management for North America, is being appointed deputy head of fixed income for the Americas, the bank said.

Testwuide re-joined BNP in 1996 after two years at UBS AG, while Mundigo has been with the bank since at least 1991, according to Financial Industry Regulatory Authority records.

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