Several U.S. boutique investment banks are looking to hire senior staff in Paris...
LONDON/PARIS/NEW YORK - Several U.S. boutique investment banks are looking to hire senior staff in Paris in the wake of Britain’s departure from the EU and have poached bankers from France’s most established advisory firms, including Lazard, sources told Reuters.
The push comes as Britain is finalising its planned departure from the EU, prompting large investment banks and independent advisory outfits to bulk up their presence across Europe to maintain access to continental clients. In the first three quarters of this year, it generated less than $40 billion worth of deals, none of which were transformational transactions following the aborted merger of Fiat Chrysler Automobiles and Renault in May.
“Paris is a one-stop shop,” said a French government official who previously worked as a banker. “Banks, insurers, large conglomerates and industry bodies are all close to each other.” Their departure has triggered rumours that Lazard’s French boss Matthieu Pigasse could also leave the firm, sources told Reuters, after he recently held talks with several boutiques including Evercore.Evercore and the other banks declined to comment.Pigasse played a key role in winning a high-profile mandate for Lazard for the upcoming initial public offering of Saudi Aramco, pushing out Evercore who had been previously retained by the oil giant in 2017.
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