Sherri Andrews, head of high-yield research, has left BNP Paribas in New York. Rod Dunlap, a senior energy analyst in the high-yield group, who says he was let go from the firm, says Andrews left because she was offered what was essentially a demotion. She would have maintained her coverage of distressed credits, but John Maxwell, gaming analyst, would take over as head of high-yield research, he says. Mark Wisniewski, a firm spokesman, says Andrews left to seek opportunities on the buy-side. He would not comment on why Maxwell replaced Andrews as research head. Andrews could not be reached, and Maxwell did not return calls.
Dunlap, who covered both U.S. and European energy companies, says he was released because the European high-yield market has not performed as well as had been expected. Matt Chyra, a junior analyst who had assisted Dunlap with energy coverage, says he is now the lead energy sector analyst.
BNP Paribas recently made a number of high-profile changes to its U.S. operation, reducing its underwriting ambitions, and moving to shore up its position in the secondary market (BW, 2/4).