UK
BNP Paribas is hiring lots of people. Recruiters say it would help if it paid existing staff more first.
“French banks pay a lot less, particularly on the distribution side,” says Jason Kennedy, managing partner of search firm Kennedy Associates. “Base salaries in areas like equity derivatives distribution are pretty similar to US banks, but bonuses are lower – total comp is anything from 20% to 35% less.”
“French banks pay their top equity derivatives producers well, but their juniors are paid relatively badly compared to the Street,” confirms Andrew Littlestone, a consultant at search firm Kinsey Allen: “Total comp at the junior end can be anything from 30% to 50% down.”
It doesn’t sound promising, particularly given the fact that BNP is on a hiring spree. Financial News reports that the bank is intent on adding 700 new front-office hires before the end of the year, including 200 equity derivatives pros.
French firms’ parsimony is unusual in an industry where poor pay is typically a signal to get out. But recruiters say jobs for life and the strength of equity derivatives platforms at the likes of BNP and Société Générale serve as a major incentive to stick around.
“People at French banks have tremendous loyalty,” says one. “They’re taken on in Paris and trained up before being sent to London and New York, where they stay in the same job for decades. They realise that the franchise is great and it would be hard to replicate the same flow of business elsewhere.”
But this creates problems when French houses hire in at senior levels. “When they recruit outsiders they have to pay market rates,” says the headhunter. “All those people who’ve been slogging away for the past ten years suddenly realise they’re on lower packages than the new hires.”
Given that BNP’s expected to add fully functional producers rather training up juniors, its hiring intentions could prove more expensive than anticipated.
Clearly neither of the firms quoted have placed with BNP in the ED arena. Juniors the world over are lowly paid but those who’ve worked their way up the ranks with BNP are no less rewarded than anyone else who hasn’t enjoyed a hike for moving.
BNPP pay packages are notoriously low, especially at the senior level. Top producers are poorly rewarded relative to their counterparts at American BBs (‘invisible ceilings’ on bonuses). Not to mention that speaking French is highly recommended, including in their London or NY office… BNPP is simply 2nd or 3rd tier bank and will never be able to capture top-tier staff.
worked for BNP for 5 years. My advice: forget it. The bank is poorly managed, mean and doesnt promote diversity (to say the least). Prop desks inexistent. Stay away from there!
To warburg and other “BNPP is simply 2nd or 3rd tier bank and will never be able to capture top-tier staff.”
That s why it s number 2 in equity derivatives in the world after SG ( French bank). That s why some of the most highly regarded M&A european deal makers work for BNP. Forget about American banks, go to the French ones.
Money, money, money… One should wonder why there is such a loyalty in French banks. This is perhaps because there are some other rewards, because people who work for them aren’t stupid. if they stay, there is a reason.
Personally, I prefer to stay in one place and make my own path in it, rather than changing all the time. You can notice that some successful players did not move all the time but stayed in the same bank since they ‘ve been hired after graduation or MBA.
i’m a european but studied in the US. It’s exactly your attitude easy rider that characterizes all us Europeans, and this is a reason that explains why we cannot surpass the US in business. Are you serious enough to consider BNP and SG among the worlds best banks? Do you conclude this by observing the small size european firm that cannot access a bulge bracket bank run to BNP, SG and the like? I mean, these banks get lots of flow from small firms, but not from the really big players…
Money is for sure People at BNP know well about
Seniors really are well paid, but junior aren’t at all!
The management on some desks is even inexistant…
It’s true that the only way to get decent money at BNPP is to come in from the outside. In fact, those that want to build a career there but also want a competitive salary are forced to leave and come back a few years later.
BNP is one of the top bank but its competitiveness comes a lot from its ability to employ very good staff averagely paid compared to US banks. For entry levels for instance, IT staff at GS is paid 1.5x the rate of its french counterpart. Same goes for analyts or FO positions.
Been at BNP in Paris for over a year now (leaving soon)I agree with the above comment, its poorly managed (old school French mentality), pays badly, only attracts people due to its name, the good leave the average remain. In terms of a dynamic work environment where you can progress forget it!!
BNP Paribas lacks professional HR management. SEEK HELP AND MAKE YOUR EMPLOYEES HAPPY BEFORE THEY LEAVE.
I joined BNPP straight after uni and have been there 2 years. I cant compare the salaries as I dont know what other banks pay but one of the reasons people stay at BNPP is because life is excellent, pretty relaxed and doesnt require much overtime. As far as pay is concerned, I am happy with the pay. How much bonus (%) should a FO IT person with 2 years experience expect in the American banks?
BNPP pays as it should pay. you’d expect more from Goldman and less from a 3rd tier bank. No brainer.
Has anyone heard of Z Capital ? Bunch of jokers are phoning up everyone in the City on a recruitment drive. Best advice – don’t touch with barge pole.
BNPP is only a top tier bank in FRANCE, due to its strong network in economy, government and industry. In Paris they pay badly as there is no competition coming from the international banks that does not consider France as a key market.
BNP.. If you’re looking for an international name on your CV! Join BNP! The average rate of people who stay there are only two years. I served one and a half and left! Honestly, the day you sign their contract, you’re signing off your soul.
I’ve been in BNPP for 7 yrs and the reason why I’m not leaving is they pay market, and inertia. I’ll leave for a top 5 BB. But there is no incentive to me to make a parallel move.
BNP= NO Managment.. been there for a year with NO TITLE and an assistant getting more paid than a credit analyst (me)!!
If you’re good at BNPP you get paid well, if you’re not you don’t. Half of these comments are obviously from the latter. Just like any investment bank people who have grown internally are paid less than talent hired in. The reason people stay is the culture. I can’t comment on the Paris office, but in London it is a great place to work and you get to avoid the politics and backstabbing which happens at the majority of the US players. Also, why is everyone so hung up on Titles….
totally agree with my Fixed Income colleague in London!! For me, BNPP is the best place I’ve worked at so far. We have a very friendly work environment and management does care about your career development.
We have the best equity derivatives structuring team in the street. you should come join us.
Ya instead of focusing too much with pay $$ while we don’t shift focus to other area like steep learning curve in BNP Paribas, nice working environment, high teamwork spirit!
it seems all the negative comments are from our competitors who are just jealous of us having a good life! haha!
BNPP is the worst company that a entry level guy in banking can work. The training is extremely poor and there is no team work which I consider essential for a junior banker.Most of the people , partiicularly in the flow CDS desk are always bickering among themselves and u get an image of a fish market there. Lastly, I must say that having worked there defintely , you have to be French to work there .
Arggg, people are never satisfied !!! BNP is a great bank, you learn a lot of things, you make a lot of contacts and you build friendship.
think BNP is full of beautiful people like eiggam in india.
I think most banks would be smart enough not to pay junior too high as they do not yet contribute significantly to the team. In fact may be they should start rethink about their career path of their main objective when starting their career is $$$ and not learning experience. Learning should be main core objective for any junior. BNP provides ultimate learning experience due to its cutting edge advance technology and best equity derivatives platform. Never heard of any big shot superstar in the market who started off their career comfortably in any bank.
It’s a poorly run, Paris-centric, badly-paying, favouritist, poor excuse for an investment bank (I know having been there for a few years!) – SELL!
Of course we can sell when we buy at EUR69. haha!
It is amazing how people talk about BNPP. people working there like I do feel like stars…I Am still young in the Industry but what I have learnt there is amazing. People are just oustanding and nice to each others… BNPP STRONG BUY
True, Management at BNP is inexistent. As for the question why many people are staying for so long, please do not forget, that most of them are in Paris, french, with long notice periods. Whats’s the choice? Having a look at the London platform will tell another story…Besides, I cannot agree that the bank is nonpolitical. It is ALL about politics. Simply for the reason, that managers are not experienced in the divisions they are heading up. Though I agree Structuring and Trading capacities are great but a competent management would be useful as well. As long as latter will not change, people will keep running away.
Pay peanuts, get monkeys
worked few years for BNPPA as i loved the project (was paid peanuts even for high PNL).Unfortunately politics is management aimed, they only focuses on their own carreer !!! lucky they are as french traders are good enough.