BNP Paribas avoided any scary layoff announcements when it reported fourth quarter earnings yesterday. It was the first in the French suite of banks to report, and the results weren't as tragic as everyone had been expecting.
At the end of last year, the bank said it would cut nearly 1,400 jobs at its corporate and investment bank. But there are no immediate plans for more reductions, Chief Executive Officer Jean-Laurent Bonnafe told Bloomberg.
The bad news is bonuses were slashed by half for 2011 at the corporate and investment bank. C'est la vie, we suppose, especially at a time when every bank -- French, British, American -- is doing the same thing.
France's second largest bank, Societe Generale, is next on the docket and reports earnings today.
Keep Your Health (WSJ via FINS)
Investment bankers are practically doomed to develop stress-related physical or emotional ailments, according to a new study. Buck the trend by carving out some semblance of work/life balance.
Restructuring to Greatness (Financial News)
Insiders at Bank of America say the recent corporate and investment banking management shake-up isn't reflective of bad tidings. On the contrary, it's in line with the bank's strategy.
Revolving Door (DealBook)
Marc Berger, a federal prosecutor in Manhattan, is replacing Christopher Garcia as chief of the SEC's securities fraud unit. Maybe he and Eric Schneiderman will discuss what they need to tackle next over beers.
Laugh It Up (GoingConcern)
Aspiring accountants need something in their toolbelts besides a CPA: a sense of humor. No one wants to hire the guy who will make 90-hour weeks seem boring.
Feeding the Machine (Bloomberg)
President Obama doesn't have to worry about angering Wall Street. Well, at least some of it. Some wealthy financiers, including Marc Lasry of Avenue Capital Group and Robert Wolf of UBS, are throwing a fundraiser for him in a couple weeks.
Big Spenders (WSJ)
Think carefully before you accept a job at a Swiss bank -- or at least pay attention when negotiating a compensation package. Zurich just overtook Tokyo as the most expensive city in the world.
Reboot Your Engine (The Globe and Mail)
If a meeting is going in circles or a spreadsheet is taking ages, give your brain a rest. Get up and walk around to allow yourself a minute to recharge.
Buzz Around the Office
Gas waiting to happen.
List of the Day: Succeeding at Skype
Just because an interview is done through a computer connection doesn't give you license to skimp.
1. Make sure the lighting is flattering.
2. Be as animated as you would be in person. You're competing with their Facebook account now.
3. Test the microphone out before the interview.
(Source: The Daily Muse)