BNP Paribas said on Tuesday it hired Adnan Zuberi to run its structured credit desk in New York as part of ongoing expansion of the French banking giant's credit markets business.

Zuberi comes from JPMorgan, where he was an executive director in the bank's structured credit group. At BNP, Zuberi will report to Jerome Wong, the head of credit structuring for the Americas at the firm.

BNP executives say they are positioning themselves for a recovery in the credit markets.

"We see a lot of competitors struggling quite a bit," says Patrick McKee, head of structured sales for the Americas at BNP. "We've been fortunate to avoid most of the landmines, and that has given us an opportunity to grow and take market share."

At JPMorgan, Zuberi ran the structuring of North American real money accounts and before that he was with UBS's structured credit derivatives desk.

BNP also appointed of Sebastian Galy to its foreign exchange strategy team in New York. Sebastian will head the foreign exchange research function covering global currency markets. He will serve the bank's corporate, real and leverage-account client base. He reports functionally to Hans-Guenter Redeker, global head of foreign exchange strategy and regionally to Christian Mundigo, head of fixed-income trading for the Americas.

The new hire is from Dresdner Kleinwort in London where he was senior currency strategist. Previously, he was at UBS where he focused on global foreign exchange portfolio tactical asset allocation of its non-institutional base. Galy has also held positions at the Bank for International Settlements, in academia and as an analyst for the IMF in Cameroon for the CFA devaluation.

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