At Lazard this Department from 5 to 12 people

Since the fall of Lehman Brothers, financial trades did makeover Summer leaves the doubt: recovery of toxic activities, recruitment doubled bonus guaranteed in the United States, premiums record Goldman Sachs, polemic in BNP Paribas. However, this liquidity crisis has forced banks to significantly reduce their variable remuneration, including on market activities: a decrease of 75 for Natixis, 70 for BNP Paribas, Calyon 50 or 40 in CIB (Société Générale) yet. "The banks currently think about discount flat calculation of bonuses and performance evaluation systems", note Daniel Pion, a partner at Deloitte Council. For the time being, each was observed. Caution remains the golden rule. Side recruitment, first. Most hunt heads, like EDF Finance, firms have seen their mandates fall by at least 30 in a year, particularly on the operational and commercial functions.

Increased requirements

"In return, the number of CSD and temporary work increased by 40 to meet specific needs", says Vincent Picard, Fed Finance associate. And when a Commission is at stake, the hiring process is longer. "Some directors positions, moved from seven to fourteen weeks, on average", observes Johan Brucale, senior Director, Michael Page Executive Search. And for good reason! Natixis, for example, has implemented a validation Committee of recruitment, which scrutinizes each request and gives its approval or not.

The requirements have increased. "Recruiters seek candidates adaptable, able to complete the current mission but also to evolve, for recovery", says Philippe Auther, a partner in the firm BearingPoint. Profiles must also be more comprehensive. "A head of activity shall be an expert on its perimeter of products, be a good manager and have experience in project management," said Vincent Picard.

The situation varies however one function to the other. Since June, banks hire in some areas, fearing lack of manpower, if activity left: derivatives shares, where now reduced teams are overloaded, the "credit trading" or even the mergers and acquisitions. CIB has thus planned to build some 30 senior bankers, to expand in the Council in M & A abroad. "However, in the Investment Bank, it is always flat calm on the side of the traders, with structureurs or quantitative analysts," Note Thierry Iochem, editor of the site of eFinancialCareers France specialized job opportunities and the author of a white paper on recruitment in finance. For other activities, on the contrary, the crisis has had a doping effect, such as the Council in debt restructuring. At Lazard, this Department from 5 to 12 people. Similarly, the risk and control functions have more than ever the wind. In CIB, for example, more than 200 people mobilized to strengthen operational controls or computer security, including on market activities. At a price of EUR 150 million over three years.

Internal skills

"Some financial institutions however returned back to their first ambition, temper Joseph Florentin, partner in Eurogroup. As the risk of counterparty. The demise of Lehman and Madoff scandal have proven that the danger was real. Control all of its exhibitions, direct and indirect, represents a work of titan but this quickly becomes a gas plant. "These developments have need of review processes, in particular the management of careers. Because the priority of the banks today is to exploit the internal skills, promoting mobility, which was not so developed before the crisis. At Calyon, these transfers have involved 100 people at the global level. The Bank also expects by 2010, to make his career committees "more proactive and more effective." At Natixis, some 150 employees have changed function. "The former head of the financing of commodity took over the management of litigation, the traders have migrated to the"risk management"and others manage activities in extinction," says Ewa Brandt, HRD to the BFI. To do this, Natixis spends more than 5 of its payroll to training (compared to 4 on average in the sector) and strengthened its "support to the development of career structures. "The recruitment, like what key skills management, is now in the hands of HR, whereas previously a business had relatively free rein", says Johan Brucale in Michael Page Executive Search. The crisis also changed organizations. In the UFG Corporation, the "control risks" now reports directly to the President of the Executive Board, Xavier Lépine, and not to the head of activity: "avoids conflicts of interest and that even unconsciously, the pattern of management protects its teams", he explains. A French investments, "manager risk" comes from the design of products, to better assess the potential abuses that do not necessarily perceive the marketing. Another significant development, the framework to adapt its management to the dismay of the teams. "It had to be more present, communicate, and reassure more, says Véronique Ménard, head Group HR policies and management of career at Calyon.". This crisis has empowered managers.