Nope, There's No Need for Redundancies at BNP Paribas
French banks haven't increased salaries as much as others, and may now be reaping the benefits of their parsimony. While other banks (like Credit Suisse) have seen costs go through the roof this year, no such thing has happened at BNP Paribas.
BNP released its results today, and showed admirable restraint when it came to costs at its corporate and investment bank.
For the first nine months of this year, they stand at 52.5 percent, which as the graph below (kindly provided by BNP Paribas) shows, is the lowest in the industry. Needless, to say, this also implies that BNP won't be paying particularly well this year...