While António Horta-Osório is busy resting and readying himself to reapply for his own job after taking medical leave for stress and exhaustion, it transpires that BNP’s new chief executive is a man who usually works fourteen hour days.
An article on our French site points out that Jean-Laurent Bonnafé works from 7.30am until 10pm and sleeps a mere four hours a night. “We’ll have to rest in the cemetery, no?,” he told French magazine, Challenges. Michel Pébereau, BNP’s departing chief executive and its chairman, is quoted elsewhere as being all excited about Bonnafé’s “grande capacité de travail.” The French reputation for long lunches and 35 hour weeks lies tattered at Bonnafé’s feet.
BNP, SocGen and Credit Agricole have all been downgraded. (Reuters)
Private equity funds: closing in Europe, hiring in Asia. (Reuters)
“This would have been a tax on London and the UK. The European Commission’s own impact assessment highlighted that, of the €57 billion (£48.6 billion) it would have raised across the EU, €40 billion would have come from the UK.” (Evening Standard)
A report published on Thursday by Deloitte estimated that total banking system disposals could reach in excess of €1.7 trillion, an amount equal to the size of the British economy. (Telegraph)
Citigroup is ‘shrinking’ its hybrid trading team, members of which are now in talks to join a hedge fund. (Business Week)
Gary Jenkins, head of fixed income, is leaving Evolution. (Financial News)
Top 10 MBA programmes in the US. (CNN)
Lloyd Blankfein has been sending random people questionnaires asking what they think of Goldman Sachs vs. Deutsche and UBS. (Alphaville)
John Mack: If I wasn’t a banker, I would have been a women’s shoe salesman. (Dealbreaker)