This French bank is hiring from rivals in London and depositing staff in Europe
Credit Agricole CIB is unusual among the big French banks right now. While SocGen and BNP Paribas are busy cutting heads and costs, Credit Agricole is holding fire. It is also hiring. And when it hires, it's showing a tendency to transplant people from London to the European Union.
In the past month, for example, Credit Agricole CIB picked up Dominik Boskamp in London and put him down again in Frankfurt. Boskamp had been a director for German and eastern and central European debt capital markets at Barclays in Canary Wharf. Now he's head of corporate DCM for the German speaking region at CACIB in Frankfurt.
Also in the past month, Credit Agricole CIB plucked Baptiste Rouet, a neophyte structured product analyst, from SocGen in London and placed him in its office in Paris. There, Rouet will work on structured equity solutions.
In normal circumstances, facilitating staff moves from London to continental Europe wouldn't be a big source of excitement. However, these are Brexit circumstances and as banks look for ways of staffing European offices, Credit Agricole may have a tactic. - Boskamp in particular seems to have been given a promotion.
Promotions may be a necessity for hiring if you are Credit Agricole CIB. - The French bank is not known for paying well. Last year it only had four staff who earned over €1m and no one there earned more than €2m. Average pay for Credit Agricole code staff was 'just' €557k - compared to €1.2m at Deutsche Bank.
Credit Agricole hasn't just been fishing in London for ponds in Europe: it's hired in London for London too. In April it recruited both Andrew Shannon for rates sales and Aude Sauty de Chalon for commodity finance.
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