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February 2007

BNP Paribas



The Champions League of investment banking

How we calculated the investment banking Champions League table

Director of football: Baudouin Prot
Age: 54
Appointed: 2003
Value added: 23.6% pa (7th)
Chop rating: 3/5

Prot is keenly aware of the challenges brought by the globalization of the game. Determined not to make expensive signings, but will this lead to pressure from supporters?

Head coache: Jacques d’Estais (47, 2005)


Star players:
Yann Gérardin is the man behind BNP Paribas’ leading equity derivatives franchise, and many thought he was in with a chance of a top job before d’Estais got the call

Rising star: Fred Janbon – the former head of derivatives is now running the fixed-income franchise and is widely admired as a smart operator. Can he get his division purring like it should be?

Weakest link: Always seems to be late to alter tactics when the playing conditions have changed. Internal structure seems convoluted, and rumours persist of tensions between different factions. Despite the head start has not kept the distance over its domestic rival, Société Générale


Key transfers 2006:

IN: Adrian Docherty (global head of financial institutions for advisory within fixed income, from Barclays Capital); Olivier Vigneron (global head of structured credit risk management, from Deutsche Bank)

OUT: Stéphane Rougier (global head of structured and index investments, to Lehman Brothers); Michael Finkelman (managing director in the leveraged finance group, to Société Générale)


2006 capital markets performance (▼/▲ 2005)

Overall fees: $893mln (+21.6%) 14th (▼2)
DCM: $459.1mln (+13.6%) 15th (▼1)
ECM: $155.4mln (+16.1%) 12th (▲1)
M&A:$278.2mln (+41.7%) 12th (no move)
FX market share: 1.1% (+0.01%) 14th (no move)

Rankings 2006:

Return on equity: 21.2% (8th)
Growth of earnings: 23.7% (10th)
Market cap: $101.4bln (6th)

Champions League position 2006: 12th
If BNP Paribas were a Champions League team it would be: Valencia. Occasionally you think they could go all the way – but not quite the talent and spending power to match the superpowers of the game



































































Summary table of top banks, with quick links to more related content on euromoney.com

Is the banking boom sustainable?

The investment banking Champions League 2006
Euromoney's unscientific guide to the industry's leading firms
  Click on the firm's name below to read commentary Overall fees RoE GoE Mark cap Total
1 Goldman Sachs 32 16 14 9 71
2 Morgan Stanley 26 11 16 8 61
3 JP Morgan 28 1 15 14 58
4 Citigroup 30 5 1 16 52
4 UBS 22 14 3 13 52
6 Credit Suisse 20 10 11 7 48
7 Merrill Lynch 24 6 10 6 46
8 Barclays 10 14 8 10 42
9 Deutsche Bank 18 8 9 4 39
10 HSBC 8 2 13 15 38
11 Lehman Brothers 16 12 6 2 36
12 BNP Paribas 6 9 7 11 33
13 Bear Stearns 14 4 12 1 31
14 Société Générale 2 15 5 5 27
15 ABN Amro 12 7 2 3 24
16 RBS 4 3 4 12 23
Source: Dealogic, Annual reports, Euromoney


































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