French banks have a few things in their favour. They may not pay well, but they have reasonable working hours, exciting staff parties and generally don’t like to make people redundant. If they do make people redundant, French banks like redundancies to be ‘voluntary’ and will often pay handsomely to attract volunteers. Take SocGen, which offered redundancy packages worth up to €300k and had such a flood of applicants that it was forced to turn some down.
Natixis is the latest French bank to take the non-forced redundancy route. The Financial Times reports that Natixis plans to cut around 700 jobs globally. None of the exits will be forced, all will be gently encouraged – although the extent of the encouragement isn’t yet clear. The voluntary redundancy programme will start in November, giving Natixis staff a few weeks to consider how much they’d need to go quietly.
BTG Pactual will be hiring physical commodities traders and salespeople in London. (Financial News)
If Deutsche Bank staff score less than 80% in a mandatory online test on compliance, they are “red-flagged” to their team leader and their career and pay opportunities are affected. (Financial Times)
Adam Applegarth, the man who led Northern Rock to its demise, had been quietly working at a US private equity fund buying up banking assets. (The Times)
Barclays wants to hire a few leveraged financiers. (Financial News)
The FCA has started a formal investigation into manipulation of the FX market. (DealBook)
JPMorgan agreed to pay a $100m fine and to admit its traders acted recklessly with regards to the ‘London Whale’ trades. (Reuters)
Sad Jamie Dimon photos. (Pinterest)