BNP Paribas has hired Michael Johnson to the position of director and senior credit strategist in the firm's New York office, reporting to Joe Labriola, managing director and the head of U.S. credit research. Labriola says the bank had no full-time U.S. credit strategist, though he had assumed some of those duties.
Labriola reasons that it became more important to have a dedicated strategist in light of BNP's reorganization of its credit businesses earlier this year. BNP recently merged its high-yield and high-grade research and trading units, as well as cash and credit default swaps--moves several other firms have also undertaken in the last year or two.
Johnson joins from Banc of America Securities, where he was a senior asset-backed securities analyst based in Charlotte. He could not be reached for comment, though a BofA source says he resigned because he wanted to return to corporate research, where he had worked earlier in his career. Kumar Aiyer, head of ABS research at BofA, declined to comment on a possible replacement. Johnson is the second research hire BNP has made in recent weeks. Bruce Nicholson, a senior basic industries analyst, joined the firm last month (BW, 10/20). Labriola says he plans no further hires at this time.