Paribas staff leave in droves as bid war rages
Monday 12 July 1999
Following a mass defection to Deutsche Bank from the bank's Frankfurt office last week, staff from the bank's Amsterdam office are also said to be leaving "en masse".
The latest departures come as Societe Generale debates whether to sweeten its bid for Paribas for the second time. Its board meets today to discuss its reaction to the higher offer from rival Banque Nationale de Paris, which was approved last week.
Andre Levy-Lang, Paribas chairman, said at the weekend he saw no need for SocGen to improve its offer terms in the wake of the higher bid. Analysts believe SocGen will sweeten its terms but say it may wait until nearer the 30 July closing date before making its final move.
The fact that the result of the battle is unlikely to be known before early August is continuing to weigh on morale at Paribas, where a string of staff losses have left the London office reeling.
Recent weeks have seen the departure of Anthony Bourne, the head of global equities, after 12 years at the bank, and a raft of well respected equity analysts. These include Mark Dichlian, a senior technology analyst, who has gone to rival Lehman Brothers, Laurent Carozzi, media analyst, Darren Shaw, European building materials analyst, and Chiara Tirloni, a motors analyst.
The continued haemorrhage comes despite claims by the chairman Andre Levy-Lang that there have been no "unusual" departures during the bid battle, which has raged since Banque Nationale attempted to thwart the agreed merger between Paribas and SocGen with its own three-way plan to create a French mega-bank with one trillion euro of assets. Paribas has said it plans to cuts thousands of jobs if its planned merger with SocGen goes through.
- 1 Katie Hopkins gives rare glimpse of sensitive side with heartfelt open letter to her children penned in case she dies from epilepsy
- 2 Rihanna's Met Gala dress took one Chinese woman 2 years to make, was reduced to omelette meme in 2 seconds
- 3 Top Gear: Jodie Kidd, Philip Glenister and Guy Martin 'in advanced talks' to replace Jeremy Clarkson and co
- 4 Women think Irish men are the sexiest, survey finds
- 5 Florida couple forced to register as sex offenders for having sex on public beach
Italian police 'reveal' what Jesus looked like as a young boy
Who should I vote for in the general election? Take The Independent's interactive quiz to find out which party is the right choice for you
Florida couple forced to register as sex offenders for having sex on public beach
Mysterious 'X-Files' sounds heard miles above the Earth
US gameshow gives woman in wheelchair incredibly awkward prize
In defence of liberal democracy
General Election 2015: Post-election 'shambles' looms as 70 per cent of voters say SNP 'should not be able to veto UK government policies'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£27 - 35k + Bonus + Benefits: Guru Careers: A Management Accountant is needed ...
£40-50k + Benefits.: Guru Careers: A Project Manager / Business Analyst is nee...