Monday, 23rd November 2009

 
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22 September 2009 - Tara Loader Wilkinson

BNP Paribas launches a private banking initiative in Germany

BNP Paribas, the French Bank, has expanded its business in Frankfurt and Munich and has hired up to 20 staff for its new private banking division in Germany.

The group is setting up a team of up to 20 people based in Frankfurt and Munich which will offer wealth management services in cooperation with its online brokerage and personal investment specialist broker Cortal Consors.

The team will be led by Pascal Grundrich, according to the bank in a press release.

”Germany is with more than 800,000 millionaires an interesting market. The past months have shown how important it is to handle assets risk sensitive,” said Grundrich. BNP Paribas employs 2,500 people in Germany.

The wealth management business is integrated in the existing German network of the group and uses in the background the IT-platform of the direct bank subsidiary Cortal Consors.

Tags: BNP Paribas , Pascal Grundrich

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Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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