BNP Paribas has hired a head of equities derivatives structuring from Société Générale as rival banks look to snap up traders from the division rocked last week by a €4.9bn ($7.3bn) fraud.

Stephane Berthet, who as head of alternative financing structuring at SG traded equity derivatives on behalf alternative investors such as hedge funds, joins BNP Paribas as a senior sales person for its fund derivatives sales team in London.