Bloomberg News reports that the traders, Michael Pyatski and Mattan Horowitz, focused on U.S. home-loan securities with government backing and related derivatives, said the people, who asked not to be named because the information isn’t public. Horowitz declined to comment when reached by telephone. A phone number listed for Pyatski was out of service, and he couldn’t immediately be reached for comment.
Banks are adapting trading businesses to an international accord calling for lenders to hold more capital and liquid assets and the Volcker Rule, the piece of the 2010 Dodd-Frank Act that limits the risks banks can take with their money. BNP Paribas is seeking to 'manage our costs and resources efficiently', fixed-income head Frederic Janbon said at meeting for investors in March.
'We’re adapting the business model and taking steps to remain lean', Janbon said.
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