Lunchtime Links: Here's where the big French banks are intending to hire in 2010

6 May 2010

2 minute read

Lunchtime Links: Here's where the big French banks are intending to hire in 2010

BNP Paribas released its first quarter results today. They were good, but not universally so.

While revenues in 'equities and advisory' businesses rose by an unbelievable 2200% (from €36m to €845m), BNP followed SocGen and other European banks and announced declining in revenues in fixed income sales and trading.

Longer term, however, French banks may be a good bet for anyone working in derivatives - particularly if US proposals to curb OTC derivatives trading go ahead.

SocGen appears to be alert to this. Its putative 500 front office hires over the next 18 months have now become 600-1,200 hires across the investment bank during 2010 alone, with a focus on fixed income. Unfortunately for Europe, they're likely to take place almost entirely in the US and Asia.

BNP Paribas, meanwhile, has revealed its intention to make 'selective hirings' in its European advisory business this year, and of adding US salespeople.

Who's exposed to Greece, banks edition. (Alphaville)

RenCap's big Russian hire from Credit Suisse. (Bloomberg)

It's not looking so hot at Daiwa. (Bloomberg)

US pay czar may try and pressure people earning more than $500k at TARP recipients into paying something back. (Bloomberg)

Commerzbank moves back to profit for the first time in two years. (Financial Times)

Goldman debt now considered more risky than Citigroup's. (Bloomberg)

Fabrice Tourre's new street cred. (NewsWeek)

Lloyd Blankfein should resign from Goldman Sachs. (Wall Street Journal)

Blankfein says Goldman's judgement on conflicts of interest can be a 'little off.' (Telegraph)

Massive increase in tax paid by the rich is boosting UK government income. (BBC)

Forget the election, worry about the City's vulnerability to a land grab from Europe. (Telegraph)

No sleep for bond traders. (Guardian)