Investment Banking in Paris
For people who worked in IB in Paris, what are your insights? How is the compensation, work environment, deal flow, hours..
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Be more specific i.e. which bank are you asking about
If possible, I'm interested in learning about EB or even small boutiques.
Following. Anyone have any insights or advice about lateraling into French IB from NYC IB GS/MS at the asso 3/VP level?
why even do that lol
I guess he wants to live in Paris
GS An1 is around €120k all-inclusive package
yeah, most BB are at €90K base salary
What about compensation in smaller boutiques? Such as messier, sycomore, wagram, bryan garnier..
Interviews are highly technical at many firms
-Base comp is higher in Paris than London at junior level (€90k vs £70k) at BB. Not sure about bonus. CoL is around 10-20% cheaper in Paris, which makes it quite worth it comp wise. Comp is way lower at small boutiques (not EB) though.
-Working hours can be rough but it's highly group dependent (like in London).
-Culture is better in London from what I heard. A lot of seniors in Paris are a bit old fashioned, especially at french/EU banks. Would be curious to hear about the culture at American banks, which might be a bit better (?)
-Deal flow is very good at most banks.
There are some local boutiques that are killing it, such as Messier Maris, Bucephale, Barber Hauler, Edmond de Rothschild, Cambon, Ohana & Co, Bryan Garnier, Natixis Partners, Sycomore, Banque Hottinguer, Amala Partners, etc
What do you think of the situation in Frankfurt?
Can you work in Paris but not speak French
Yes, you can at large banks (BNP, US banks I think). Since brexit, banks have openings for non french speakers, however, I think they mostly recruit from french business schools. Worth applying tho.
As someone mentioned, interviews are very technical.
Awh, only French targets? :(
From my experience, would say it's unlikely even at US banks. Socializing is done in the local language in most European continental offices. Think BNPP has non-French speakers because of their Portugal office.
can we just highlight how it should every person's dream on here to do IB in Paris. I know the comp is different than in like NY and politics are much different but Paris vs NY is total different life. s/o to all the Paris bankers
Can you elaborate please
Paris is a dream city. I know it's filthy and tourists and whatever but coming from the states the architecture and culture blows the states away. The flip side is politics. One of my mentors ran a trading desk there. French guy. Said it was super political and way more about connections than just your work. The work was ground 0. NY is still political but changing culture slowly. French (at least from his stories to me) banks are very much still old ways. I would love to do banking in Paris but I don't speak French and I'd get killed on the politics having never lived in that culture
I used to work at a French bank in NY (Societe Generale). I absolutely hated the culture. French are nationalists, and if you're not French you're not part of the club. As a non-French person, you'll feel excluded and have to put in extra effort to learn about French culture. Culture is very hierarchical and people are assholes. Yelling, berating, etc. You'll have some vp email you a document asking for you to upload said document when it would have taken the vp less time to do it himself. This stuff happens ALL of the time at French banks. Contrary to popular belief about French work culture, hours are demanding. Some French institutions might have you work even longer hours than a typical US sweatshop.
Again, not trying to scare you from doing IB in France. Just want to open your eyes to the actual culture vs expectations.
what about Germany?
Hours are brutal, no benefit vs London. For some firms it’s worse in Paris than London (laz/rth)
That being said, If you’re French, target school, love the Parisian life, like shitting over anyone else who’s not working in the Paris office, and can play the French politics, it’s a good spot.
pretty good summary tbh
are you at a French bank? would love to hear more about your experience. sounds very difficult but if you check the boxes sounds somewhat of a weirdly awesome experience
Another thing to mention is that IB is way more prestigious in France than in the US/UK because you don't have all the hedge funds/large cap PEs ppl making more than you.
And bc business, finance, politics are so intertwined and bc everything is in Paris in like 1 sqkm, it's a very different vibe than being like Industrials MD in the midwest in the US. Ppl go from Rothschild MD to President (Macron is not the first one to do that....) or from Minister to MD somewhere or MD to PE, etc.
In general, most big deals have the government involved and end up being discussed in the Elysee, etc.
Totally different vibe (much cooler imho, but probably more stressful)
One last thing to mention: it pays less than in the US bc clients dont enjoy paying absurd fees (it's not in the culture). So lower deal sizes + lower fees in %.
But there are like 50 MDs who matter vs probably hundreds or thousands in the US.
Shout-out to my man Pompidou !
People also tend to be pretty shocked when they realize a 50-person firm like Messier (which is unheard of outside of France) is one of the most prestigious IBs out here and stands at #10 or something in the league tables.
It should be no surprise. Messier is the best investment banker (he’s a lot more I understand) of his generation in Europe
Most of fees come from 3 different clients
Will the situation in Frankfurt be nicer for a foreigner?
You apparently get a shit ton of vacation that you can actually use (like over 5 weeks. I heard 8 in some cases)
Mp me for more specific questions
On holiday: legal is 5 weeks + 10 extra days due to “manager contract”.
As an analyst or associate the reality is that you wont that much. Even seniors dont take that. But it’s much more than the US, no doubt about it.
Also very domestic coverage. Besides certain specific teams (lazard tmt or healthcare that advise some large corporates on the buyside), a lot of the dealflow is domestic (either very mid market or PE).
Do you think it's possible for a foreigner to get into? Much appreciate!
Paris also has sovereign advisory, arguably one of the coolest jobs in finance you can get
So I ball so hard
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