Some joy at BNP Paribas as controversial ex-trading boss joins rival

efinancialcareers.com:

Francisco Oliveira has got a new job and in many ways it seems better than his old one. 

Oliveira was the global head of macro and credit trading at BNP Paribas until his unwitting exit in September when the French bank “rationalised” some of its activities. He's now back, at SocGen, in Paris.

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Oliveira, who is also known as «Chico,» is joining BNP’s main French rival in the French capital. He is presumably joining on the sort of French contract that means he will never be fired again. He will arrive on January 6^th and will be co-head of global markets and head of fixed income and currencies. 

While Oliveira is probably happy with the way things have turned out, some of his former colleagues are happy too. He doesn’t always appear to have been popular at BNP Paribas, although he was not without his fans there either.

“Francisco is knowledgeable and thorough and if he says something will be done, it will be done,” says one former colleague. “But he is more of a stick than a carrot guy and he can be political. I like him, though. He’s a tough old school trader,” he adds. 

Oliveira spent nearly two decades at BNP Paribas, where he distinguished himself as an FX trader. A Brazilian, he began his career in New York before moving to London in 2018. He was seemingly popular with senior management at BNP Paribas until the macro trading business began performing poorly this year, at which point he was less popular than before. 

Oliveira’s fans suggest that intimations of his unpopularity at BNP are merely sour grapes on behalf of the various people who left while he was there. The departures include: Adrien Averre, a former New York based head of rates who was latterly in the