BNP Paribas - Largest bank in France loses $80M as head of trading is on vacation

16 Jan, 2019 | Updated: 16 Jan, 2019
by Colin Hawkins
News
BNP Paribas - Largest bank in France loses $80M as head of trading is on vacation

According to an article by Bloomberg, the largest bank in France, BNP SA, reportedly made a loss of $80 million in derivative trades connected to the United States.

The head of U.S. index trading, Antoine Lours has been on vacations since Christmas, when the first trades were initiated on the S&P 500. Lours is still yet to return to work.

The U.S. stock prices saw a decline after some back and forth with trade disputes and tariffs between the U.S. and China, however the stocks regained shortly after. Massive stock sell offs by concerned traders all have to do with this high volatility over the past holiday.

The $80 million lost in trades isn't the only negative news to come out of BNP Paribas in 2019. The banks U.S. commodities derivatives desk, which employs 16 traders who traded in agricultural products, metals, and energy is closing down. This decision comes after the announcement that the bank is to cease financing oil sands and shale projects.

Another entity of the bank getting the axe is Opera Trading Capital, its proprietary trading division. The division is being shut down after the volatility of the market last year, it struggled to make profits. The closure will allow the bank to relocate its focus and money to client-focused businesses.

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