It is a measure of the crisis gripping France’s banking sector that two of the country’s most respected financial institutions, Paribas and Banque Indosuez, have recently turned to US management consultancy McKinsey to advise them on restructuring their businesses. “This is breaking a taboo in a country as anti-American as France,” jokes one investment banker. “They must have been pretty desperate to take such a step.”
Both banks are struggling with low profitability and the costly legacy of over-ambitious expansion strategies in the 1980s.
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