Layoffs Watch ’08: BNP

Posted by Bess Levin, Apr 17, 2008, 3:12pm

Here’s some news sure to please the xenophobes who populate this site—BNP Paribas has been making cuts in leveraged finance, high yield, and fixed income all week. Severance for junior staff is apparently 2 months salary, and analysts are receiving prorated bonuses on top. With the 35 hour work week, that apparently comes to about $2500.

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Tags: BNP Paribas, layoffs

Comments

1

Posted by guest , Apr 17, 2008 3:26PM

From a respected news source (not Fox): "Like most Frenchmen, Marchand has no guilt about taking so much time off. In fact, it’s the law: full-time workers in France are guaranteed at least five weeks vacation -- guaranteed those long lazy days in the sun, and leisurely lunches in outdoor cafes.

On top of the five weeks, there are another dozen public holidays, and a maximum 35-hour work week, with no paid overtime allowed. Managers like Marchand, who work more than 35 hours a week, get more time off.

"The so-called 35-hour work week gives us 22 more days a year," says Marchand. "


2

Posted by guest , Apr 17, 2008 3:31PM

Great, more time to drink red wine and eat smelly cheese!

3

Posted by guest , Apr 17, 2008 3:34PM

bragging about working 90 hours a week is overrated now that i think about it.

-chad

4

Posted by guest , Apr 17, 2008 3:35PM

You must be from public accounting. No one comes close to those guys when it comes to zealously counting hours. Especially in the current lets-make-it-look-like-I'm-really-doing something environment, I see people putting in a lot of face time that's not real productive. A more enlightened view is to concentrate on the quality of the output.

5

Posted by Anal_yst , Apr 17, 2008 3:40PM

@ 3:35

No sh!t, but back in the realm of reality...

6

Posted by guest , Apr 17, 2008 3:49PM

I'm an undergrad looking for guidance.

Would any of you consider turning down a safe offer at an asset management firm in the US in order to attend a top graduate school in the UK in the current environment, assuming you had what amounts to about two years of experience in asset management internships (both trading and research)?

Would I be facing hell when I come out?

7

Posted by guest , Apr 17, 2008 3:54PM

I've done very well in asset management. Take the offer and develop yourself by going for the CFA charter. If its not working out in a few years, quit and go to grad school. Or go to NYU at night.

8

Posted by guest , Apr 17, 2008 3:55PM

@3:35 Wall Street and quality? What an oxymoron. I can shovel some of Wall Street's quality down at a pig farm.

9

Posted by guest , Apr 17, 2008 4:00PM

@3:49. No. Go to work at a real job first. There will always be time for school later if you really want, but in most cases if you lack the prior work experience you would only still be hired at the entry level even if you have say an MBA. Ask anyone Wharton who has done the undergrad MBA about starting at investment banks as an analyst anyway.

10

Posted by guest , Apr 17, 2008 4:01PM

I think they threw in a couple baguettes and a carton of Gitanes as well.

11

Posted by guest , Apr 17, 2008 4:46PM

French Pussy is very good

12

Posted by AJ , Apr 17, 2008 4:54PM

Take the job. MBAs are useless without experience...

13

Posted by AJ , Apr 17, 2008 4:54PM

... and most are fairly useless with it

14

Posted by guest , Apr 17, 2008 4:57PM

It isn't an MBA program, it's an MSc in Applied Mathematics

I want to stay in trading, but to settle in Europe

15

Posted by JorgeCad , Apr 17, 2008 5:36PM

Didn't SocGen recently report a lay-off - Jerome Kerveil. No wait, I think he is still on their pay-roll,something about french labour law?
At least Bouton got kicked upstairs, to Chairman, where he can bask in his legacy.

16

Posted by guest , Apr 17, 2008 6:01PM

@4:48 If you like a hairy toungue...

@4:54 True.

@4:57 Attend the famous program in Paris instead (or somewhere in France - I don't remember where exactly) unless you're attending LSE. Supposedly that French program can get you job offers from just about every IB of note. Go to school. One can always work. But so little time by then to enjoy the wine, women, and food. I've never met ANYONE who said they missed preparing yet another model or analysis. I have met TONS of folks who said they miss school. Learning is fun. Working is not (for most people).

17

Posted by Anal_yst , Apr 17, 2008 6:13PM

@ 6:01

I think you mean, "being in school is fun, working (for the man) is not."

18

Posted by guest , Apr 17, 2008 7:29PM

What are the prorated bonuses paid based on - last year's analyst numbers? I'd think that ~75% of last years bonus will be at least as much as this year' full-year bonus...

19

Posted by guest , Apr 17, 2008 10:38PM

CFA charter is good just suspend your disbelief whilst taking the 'ethics' course. Any field of endeavour that needs to teach ethics doesnt really have any

20

Posted by guest , Apr 18, 2008 9:07AM

@3:54/4:00/4:54/6:01

Thanks for the advice.

@6:01

It's LSE...makes going this year kind of tough

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