ESCP-EAP Mag - n°123 - Mars 2009 - 55

News the British State. There will be growing pressure from stakeholders to change the old guards that did not foresee the current situation to replace it with new blood to reshape the businesses. The investment banker will look to charity/education, corporates/boards and growth areas within financial services to reinvent himself Though the investment banker is not dead, survivors will have to work with less human capital and accept to be remunerated more in line with professionals in the « real » economy. For those at risk, cut or unenthused by such prospects, where are the opportunities if any? For those looking for a real change, and not financially pressured, charities and education offer differentiated opportunities. Davide SOLA (98 BE), head of ESCP-EAP in the UK, is I am sure busy identifying and interviewing ex-bankers able to boost our teaching benches at the school. With corporate boards and governing bodies requiring to be strengthened or simply properly staffed, investment bankers represent ideal candidates given the breadth and depth of their experience and networks. This was the top stated choice of a 23 year of experience investment banker, having held senior/leadership positions in sectors and country groups at Salomons, GS and ML, to whom I spoke recently further to his departure. A recent example is investment banker Arnaud LIMAL (81) who has been named independent director Compagnie Lebon in January 2009. Bankers with deep relationships and/or industry expertise are considering joining their clients, but roles are few, essentially in M&A/strategy/ business development/investor relations or within finance departments. In the last few months, Casino has hired a couple of bankers from GS and Lazard, EDF its new head of mergers and acquisitions and Veolia has given the CFO role to one of its Lazard bankers. CFOs are becoming strategic functions in the current environment and many private equity portfolio companies, expected to be restructured, are looking for new finance chiefs. The public sector is expected to be an area of growth. It is thought that offers in this area in the UK are up over 50% in December 2008 vs. 2007. Some are related to State investments made and expected to be made in the banking system -RBS, Lloyds, HBoS and possibly others in the future; the highest profile recent hire has been that of John Crompton ex head of ECM at MS to manage State investments into banks. Similar opportunities are set to arise in France with the creation of the sovereign investment fund (« FSI »), whose investment committee head is Patricia BARBIZET (76), and which will have to be staffed appropriately, probably with ex-bankers. Moreover, with regulation and controls to be boosted, regulatory bodies such as the FSA (Financial Services Authority) in the UK or the AMF in France under new leadership of Jean-Pierre Jouyet should increase their ranks significantly including with bankers. Frankly, this should also be the case within financial institutions themselves. Retooling oneself is the most enthusing experience in the current environment in order to survive Investment bankers, many of the most successful having graduated from ESCP-EAP, are generally smart, hard working, well connected and ambitious. Therefore many will manage to retool and redeploy themselves, also within the financial services industry: e.g. in private banking which is still growing, with some ex-investment bankers retraining themselves at ESCP-EAP MS ahead of a move, or in advisory services for restructuring or financing purposes or even M&A, with Rothschild, Lazard or boutiques attracting talent. Professional services giants such as E&Y should be amongst hirers also given additional work in the financial services sector -e.g. PWC administrator of Lehmans in the UK and hiring accordingly. Having joined the executive search industry last year as partner in Franco-British firm Veni Partners after over 12 years in investment banking at Warburgs, Schroders and Citigroup, in mergers & acquisitions, corporate finance and equity capital markets, I can testify that retooling oneself is enthusing and revigorating. In a game of survival, innovation and network are essential. ESCP-EAP is a key strength in that context. The PEP (Career Management Department of the ESCP-EAP Alumni Association) is also a valuable tool for ESCP-EAP alumni seeking to reshape themselves and rebound; I have been impressed by the team, with its international background, the set up and the track record established and am hoping to contribute with advice for more senior alumni looking for a new start. l Stéphane is a contact (« flag ») for seniors Alumni in the UK for the association’s PEP. how the economic model for corporate and investment banks will evolve. « Anticipating » ESCP-EAP MAGAZINE N° 123 - Mars 2009 55

Table des matières de la publication ESCP-EAP Mag - n°123 - Mars 2009

Couverture
Sommaire
Éditorial
Business : - Personnalité du mois
- Focus
- Zoom
- Itinéraires
- Entretiens
News : - Vie du réseau
- Évolution professionnelle
- Voyages
- À lire
Campus : - École
- Fondation
- Vie étudiante

ESCP-EAP Mag - n°123 - Mars 2009