BNP Paribas Is Said to Shut $3 Billion Prop Trading Arm
- Bank is informing brokers and counterparties, source says
- Opera Trading has EU2.5 billion of assets: latest accounts
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BNP Paribas SA, the biggest French bank, is shuttering its 2.5 billion euro ($2.9 billion) proprietary trading arm, according to people with knowledge of the matter.
The Opera Trading Capital division of the lender, which makes risky bets with shareholders’ funds, struggled to make a profit last year amid market volatility, one of the people said, declining to be identified as the details are private. BNP Paribas, based in Paris, told employees and has begun informing prime brokers and counterparties about the plans to close Opera, the people said.