High-level executive reshuffles are becoming almost de rigueur at France’s biggest banks. Just a day after arch-rival Société Générale put its equities head in charge of fixed income, currencies and commodities as well, BNP Paribas today went a step further, switching the overall heads of investment banking and asset management.

Alain Papiasse, head of asset management and services at BNP Paribas, is swapping roles with his counterpart at the corporate and investment bank, Jacques D'Estais on March 31, a swap that the French bank's chief executive Baudouin Prot said will "enable two key executive officers to continue growing these two core businesses by giving them the benefit of a fresh eye".