Citi and BlackRock have become the latest financial firms to announce that they’re hiring in Paris rather than London. But Michael Corbat and Larry Fink, CEOs of Citi and BlackRock respectively, aren’t the ones receiving the plaudits on behalf of Parisian finance professionals. The praise is instead being heaped on a former investment banker: French president Emmanuel Macron.
As British government ministers resign amid this week’s Brexit-induced UK political crisis – the type of which typically unnerves stability-seeking bankers – a pro-banker promotional blitz from Macron is setting up Paris as an attractive destination for newly-minted finance jobs, and also for roles being relocated away from London.
BlackRock has announced that it has chosen Paris over London for its new base to provide alternative investment services across Europe and Asia. Citi, meanwhile, has recently made a series of senior appointments in the French capital and says it will continue to expand there, reports Reuters.
The Financial Times is now describing all this as a “coup” and a “victory” for Macron, who worked for Rothschild & Cie Banque between 2008 and 2012. The FT highlights the president’s promises to cut taxes and red tape under a “France is back” pitch, as well as his dinner with Blackrock's Fink (alongside other investment sector leaders) at the Elysée Palace last year. “The effect of Macron has lightened up the country – before his election it was pretty bleak,” Luigi de Vecchi, chairman of corporate and investment banking in continental Europe at Citi, told the FT.
Recruitment by banks in Paris this year – J.P. Morgan, Morgan Stanley and HSBC are all expanding headcounts there – may just be the tip of the iceberg. Arnaud de Bresson of the business lobby group Paris Europlace told the FT that recent Parisian hires at international banks are part of a “first” wave of team expansion.
Separately, have you ever wondered what your job title might be in five or 10 years? The answer is not what you might expect. HSBC has commissioned a new report into the future of banking, which highlights six potential titles on the horizon. Worryingly, if you work in the front-office, they are all of a tech-related persuasion: mixed reality experience designer, algorithm mechanic, conversational interface designer, universal service adviser, digital process engineer, and partnership gateway enabler.
UBS joins the banks that are hiring in Paris. (Financial News)
Chairman of Barclays EMEA banking operations retires. (Bloomberg)
The 30-year saga of Barclays investment bank, in one book. (Financial News)
Standard Chartered exec says the bank’s culture isn’t toxic. (ITV)
J.P Morgan promotes banker into new European infrastructure role. (Financial News)
Hong Kong bankers are quitting for biotech companies. (Bloomberg)
New Singapore CEO at Standard Chartered. (Finews)
Ex-BNP equity derivatives strategist resurfaces at Citi. (Global Capital)
UBS hires yet another China banker. (Finews)
Why your firm probably won’t be acquired by Goldman or Morgan Stanley any time soon. (Bloomberg)
The team that Goldman Sachs is backing to win the World Cup. (Business Insider)
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