Tighten controls on market operators: it will be a priority of the successor of Oswald Grübel, the CEO of UBS who resigned this weekend after the discovery of a loss of $ 2.3 billion caused by a dishonest trader.

But the Swiss bank is not alone in feeling concerned. All trading rooms around the world have the fear of these traders "crazy", they keep trotting out the litany of Nick Leeson, the destroyer of Barings, to Jérôme Kerviel, the world record with 5 billion euro soared to Societe Generale. And each new scandal, as that caused by Kweku Adoboli at UBS encourages to review the effectiveness of brigades antifraudeur.

In 2008, after the disappointments of Societe Generale, Bercy was imposed on Societe Generale, BNP Paribas and Natixis other a plan of attack.Knowing that the supervisory authority requires more or less equity trades across markets depending on the quality of procedures for prevention and detection, the effort proved intense. "The work that was conducted in French banks would have allowed UBS to avoid this fraud," says Benoit Genest, director of risk modeling to consulting firm Ares & Co.

Behavior analysis

It must be said that the modus operandi of Kweku Adoboli reminiscent of Jerome Kerviel. The index trader UBS is accused of fictitious transactions rose, from 2008 to hide unauthorized positions. To locate this type of martingale, French banks have muscled their risk control systems and require confirmation and signatures to all floors. The positions are valued at their nominal and not just in terms of their net worth of blankets.But hunting is not just a matter traders crazy numbers. The behavioral analysis is essential payday loan.

Banks take very seriously the obligation to their teams to take two weeks off in a row. Not always easy to organize when the holidays are reduced in some countries like Hong Kong. Especially as the human drive to ensure that details two "friends" of a trading floor can not take turns (and hide their possible combination). For the same reason, traders no longer allowed to fraternize with brokers who do their bidding. Farewell invitations lavish gifts and generous year-end. The managers themselves are trained to identify the stress level of their troops. A trader is often fool someone who originally did not dare tell her a little higher "palm".As for those who, like Nick Leeson and Jerome Kerviel Kweku Adoboli now, have gone through the support functions, they are observed under the microscope …

It's new, each operator sign contracts every year a mandate that defines the size of the playground: what products he is authorized to treat, what maturity, what currency, which limits … So any foray outside of this area can be identified. The aim is to ensure that the trader does not abnormal behavior, such as more frequent transactions or unusual amounts. It is no coincidence, moreover, if the fraud often arise when markets are heckled, when finally the abnormal becomes the norm. "Studies show that the risk of fraud is increasing in times of market turmoil," warns Benoit Genest, Ares & Co.So vigilance …

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The speech of Jean-Claude Trichet, ECB president, did not like at all to investors. While the Paris Bourse continued its technical rebound until 2:30 p.m., the announcement by the institution of a revision of growth forecasts for the euro area has changed the trend. The ACC is back in the red and leaves about 1% to 2:50 p.m..

In the morning, the stock market continued its technical rebound began Tuesday after a session that saw the CAC 40 jumped more than 3.5% beyond 3000 points. The benchmark index of the Paris Stock Exchange began the day on a stable note, down from 0.08% to 3070.58 points. But at mid-session, the CAC in advance of 0.63% allowing the Paris index to approach the 3100 points to 30,092.41 points exactly. On other European exchanges, the movement is the same.London lost 0.08% at the opening before turning positive again (0.83%), while Frankfurt climbed 0.84%. As in Asia this morning, traders expect the set of indicators of days before taking a position. Unlike previous days, the agenda will be very busy in the U.S. and Europe.

Not surprisingly, the ECB rate remained at current levels, at 1.5%. But the European Central Bank has revised downwards its growth forecast Thursday for the euro area, and taking note of the recent negative developments in the economy and the mood in financial markets. The ECB now sees growth of 1.6% in 2011 for the euro area. However in June it had the opposite raised its forecast to 1.9%. For 2012 it expects growth of 1.3% against 1.7% previously.Inflation expectations remain unchanged at 2.6% this year and 1.7% next year.

The U.S. employment under the microscope

United States, several indicators of the health of the economy will fall during the session. Among them, the trade balance, weekly jobless claims and oil stocks. The consumer credit will be available after market in Europe.

Two discourses are also highly expected on Thursday, those of Ben Bernanke and Barack Obama. The Fed chief will speak at around 19 am, French time, the Economic Club of Minnesota. Investors await details about how the Fed intends to support the economy. This intervention will follow the publication yesterday of its Beige Book, which again reported a moderate growth.For his part, Bush will speak on Congress to 1 am, French time, on employment and growth. It should detail a plan for employment that would reach $ 300 billion, raised yesterday by the U.S. media.

In France, growth in employment has slowed

In France, INSEE announced that the dealer paid employment decelerated in the second quarter.Principally market sectors have created a total of 33,300 jobs over the period April to June, from 78,300 in the first three months of the year, an increase of 0.2% against 0.5% the previous quarter.

The trade deficit widened further in July, reaching 6.46 billion euros in seasonally adjusted data, weighed down by a rebound in imports, Customs officials said Thursday.

Moreover, according to the OECD, economic growth in developed countries could slow sharply, see stalling in the second half and central banks must be prepared to ease monetary policy by lowering interest rates or intervening on markets.The Organization for Economic Cooperation and Development predicts that growth in the G7 should not exceed 1.6% annualized in the third quarter and is expected to fall to 0.2% over the last three months of year. In France, activity is expected to increase only 0.9% and 0.4% annualized, against 1.8% and 1.9% previously expected.

On the currency side, the euro fell again in the late morning at 1.4079 dollar.Oil, he, rising as a result of the prolonged interruption of production in the Gulf of Mexico due to tropical storm: a barrel of "light sweet crude" for delivery in October gained 41 cents to 89.75 dollars a barrel of Brent North Sea crude for October delivery takes 18 cents to 115 Internet Payday loans.98 dollars in morning trading.

Values ​​to follow on Thursday

• Banking

Stress tests imposed on European banks have made "transparency and clarity" on the strength of their balance sheets, said Wednesday night a Treasury official in the United States.

Banks react well. Among the largest increases in Société Générale took CAC 3.72% (at 20.01 euros), BNP Paribas 4.49% (at 33.06 euros) Crédit Agricole 3.06% (at 5.92 euros).Natixis took the head of the CAC 40 (4.77% to 2.65 euros).

• Areva (-0.20% to 20.74 euros)

The French nuclear group Areva said Thursday was ready to process the spent fuel still present on the site of Fukushima and propose to the Japanese government and the company Tepco lasting solutions to manage the post accident.

• Gemalto (5.46% to 35.43 euros)

The title leads increases the SBF 120, the group is in the midst of "road show", between August 26 and September 15, analysts point out. The action bounces also important on a technical device, which accentuates the rise in the stock, analysts note charts.Since August 25, the title was up over 13%.

• EADS (-0.85% to 21.69 euros)

The group is ready to dip deep into a war chest of $ 16 billion (11.3 billion euros) to finance its expansion in the U.S. and is in preliminary discussions with several potential targets, said Wednesday its chief executive for North America.In addition, the European missile manufacturer MBDA, in part by EADS, would be forced to reduce its workforce by 400 jobs by 2015, according to La Tribune.

Airbus, a subsidiary of EADS, is also considering a third increase its production capacity in one of its scenarios for 2018 to meet demand, the success of the A320 Neo scarce slots delivery before 2020, The Tribune reported Thursday.

• TF1 (0.34% to 10.38 euros) and EuropaCorp (-0.91% to 3.90 euros)

The two groups announced Wednesday the signing of a Framework Agreement for development to produce the series in English for television.

• Ipsos: -2.20% to 26.90 euros

The group has launched a capital increase in cash of approximately 200 million euros to finance the purchase of Synovate.

• GDF Suez: + 0.32% to 20.55 euros

The group will transfer to the Italian ENI participation of 10.4% in gas fields in the North Sea to pay off debt, reported Thursday Les Echos.

• Technip: + 1.73% to 67.03 euros

In consortium with National Petroleum Construction Company (NPCC), the group won a contract worth about $ 500 million for engineering, procurement and construction of the project Satah Full Field Development, a field located 200 km northwest of Abu Dhabi (UAE).

• Sanofi: -0.54% to 49.65 euros

Genzyme, the biotechnology laboratory of the U.S. bought by the French group, was unable to deliver its drug Fabrazyme in August, although it promised to doctors and patients to meet this deadline.U.S. regulators have made public Wednesday letters from Genzyme dated August 26 and 25 where the laboratory apologizes to its customers and for people with Fabry disease, a rare genetic disease, for "any confusion and disturbance "caused by the delay.

• France Telecom: + 0.37% to 12.19 euros, Vivendi: -1.06% to 15.89 euros

The new tax passed by the government as part of the new austerity plan should give priority, penalize these two groups, according to Les Echos. France Telecom should be paid to these measures between 300 and 500 million. Vivendi would see him, his taxes increased from 250 to 400 million.

Next recommendation goes to Credit Suisse under-performance against neutral Ipsen (0.28% to 23.02 euros). Societe Generale goes with the purchase of Biomerieux (2.09% to 71.40 euros).

Giving the trend of the European market yearlings, Deauville sales start today. For four days, 478 thoroughbred yearling will be auctioned in the ring establishment Elie de Brignac, located opposite the racecourse The Touques and completely renovated. Of these, 340 were born in France and "income" and therefore qualified for the bonus to the owner, in addition to the allowances paid if they win or place in racing gallop in France. The origin of most of England and Ireland, but also from Germany and some of United States.

After the disappointment registered last year (down 17% the average price of yearlings), the farmers hope that the market will recover. But the economy remains sluggish in Europe, Eric Hoyeau, president of Arqana, organizer of sales, remains cautious."Our goal is a slight increase compared to revenues in 2010, which was 29.3 million euros."

In the spring, some 2,000 yearlings were in the running. After examination of their pedigree, about 1000 were selected. Then, the teams toured Arqana stud farms to examine their model, their appearance, their health … In the end, they were divided between the two sales held in Deauville in August (the most prestigious) and October ."More balanced, combining quality and diversity, the 2011 catalog of the sale of August is an excellent year," said Eric Hoyeau.

Children of champions

No less than 114 stallions are represented, with a large battalion of son and daughters of very large foreign-based sires such as Danehill Dancer, Galileo, Dylan Thomas (35 000 euros per project), Duke of Marmalade (40 000 ) or Montjeu Dalakhani, father of Reliable Man, winner of last June's Prix du Jockey-Club cash advance to savings account.

Their children could burn the auction.For large investors or their representatives (brokers, coaches) from around the world (Britain, Ireland, Japan, USA …) on the Normandy coast, arriving with the hope to get your hands on foals or fillies may, at the age of three years, winning such prestigious races as the Prix du Jockey-Club, Diana, the Epsom Derby or the Prix de l'Arc de Triomphe.

But it would be very surprising that the sales record, established in 2002, beaten. At the time, Sheik Mohammed al-Maktoum did not hesitate to pay 2 million euros to buy the filly Vimy Ridge.

Owner of the Godolphin Stable, one of the largest in the world, the emir of Dubai buys yearlings in the world, like its brethren its re Sheikh Hamdan.Last year, their absence on the Normandy coast, because of Ramadan, and the discretion of their representatives were the main causes of the fall (- 28%) of revenues from sales of Deauville.

Although lagged ten days, sales fall again this year in the period of the Muslim religious festival. But the interest of Australian investors and Eastern Europe, including Russia, not to mention the strong French customer, could surprise on the upside.

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If tourists have their holidays ruined by this July "rotten", the farmers themselves are partly reassured by the rain. The drought, which promised to be catastrophic end of May, appears to be narrowly avoided. For the first time in several months, the rains approached normal in June, easing the dry surface soil. However, only the northern regions have truly benefited. The first half of July and greatly reduces the effects of drought on the eastern countries, such as Rhône-Alpes and Burgundy, where the normal monthly rainfall has been exceeded. The West remains in a difficult situation.

Ranchers are in trouble

These rains helped to clarify some of the grain prospects.The agency has adjusted FranceAgriMer last week its forecast of wheat production, providing 32 million tons instead of 31. What remains below the 2010 harvest, already one of the less good the last two years.

If rain has arranged grains, however, it comes too late for some farmers. Given the difficulties to feed their animals for lack of grass in the meadows, it has been prematurely cut down some of their livestock online payday advance. For others, it was necessary to buy straw to grain. Contracts were signed with them, which helped to avoid speculation and keep the price around 25 euros per tonne.FNSEA has signed agreements with the SNCF for transporting the straw with the cost and highways to avoid tolls for trucks.

Despite these measures, the additional cost of purchasing straw will reach 10,000 to 50,000 euros per farm, according to the FNSEA. Some farmers will use a short-term loan from the Credit Agricole, at preferential rates (1.5 to 2%). This will allow them to wait until payment of the advance on the compensation of losses due to drought.

This advance, initially planned 100 million euros, has already been revised to 200 million and will be available by the National Fund for risk management in agriculture in mid-September. Nicolas Sarkozy also pledged to offset one year's repayments of loans to farmers in 2009.Christophe Chambon (Young Farmers) estimates that the measure "will give an impetus to helping farmers," but wants more: a deferred annuity of total loans.

At its inaugural press conference, she said she would continue the policy of his predecessor, Dominique Strauss-Kahn by giving more weight to emerging within the Fund.

Christine Lagarde has not forgotten the former shareholders of the Fund, namely the United States, which were the key to his appointment. She announced that David Lipton, an economic adviser to the White House, take over from his compatriot John Lipsky as Director General."Combining international expertise, experience in public policy and private sector and a strong track record in managing economic crises, David brings to the Fund's long experience in the design of policies and negotiating skills," said Christine Lagarde said.

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Philip Carli, who arrived in October 2010 within the Amaury group, wants to make Paris Aujourd'hui en France "a reference to the national daily press and local cross-media in France."

LE FIGARO. – What is the content of the proposed stimulus package you presented yesterday to the employees of "Parisien in France today?"

Philippe CARLI. – We have decided to invest 30 million euros to develop and diversify our offer. This choice results from the observation that 80% of our revenues come from sales to the number. We must therefore meet the expectations of our readers. The objective is to increase our revenues of 100 million euros on the brand Le Parisien in France today. To retain and expand our audience, we plan to invest ten million euros, with, among others, the creation of a weekly magazine offers.Coupled with the daily on weekends, it will include in the second half of 2012, a news and lifestyle magazine picture of a hundred pages. In a second step could be added a weekly edition of our monthly enriched La Parisienne.

And for everyday?

Besides the fact that the model will be upgraded with a passage of 64 full color pages, we wish to reaffirm our commitment to strengthening our close nine departmental editions (eight departments of Ile de France and Oise), representing 49% of our sales. We plan to increase their editorial pagination of 50% and increase local resources, including rich media. Finally, to be closer to the cities and communities, we want to enter into agreements with associations, clubs and municipalities.A manager of the communities would be created for each edition.

You also mentioned before the diversification of employees …

Indeed we expect to invest 20 million euros in acquisitions of companies specializing in electronic transactions, including trade between individuals, group purchasing, or even the classifieds. We are also interested in human services.

The envelope of 30 million euros, also includes capital expenditure?

The journal's editorial changes will be accompanied by a modernization of two of our printing presses Saint-Ouen, where we have modernized our mailroom at a cost of 3 million euros. In addition, we invest in our management tools related to our subscribers, our readers and clients.30 to 35 million French people each month are in contact with one of the hallmarks of our group (Le Parisien in France today, the team, Amaury Sport Organisation). It's time to capitalize on these contacts by imagining new offers for our subscribers. I am convinced that this is a very strong leverage income.

Where are you in the digital convergence of your editors?

If there is one place where it is well advanced, it is in our county editions, where journalists play the game But there is still room for improvement, including better integration of information flow and anticipate events . In terms of organization of the group Le Parisien, five major areas should be established, bringing together existing services around cross-cutting issues – news, entertainment and sports – and two that would be created – investigation and image.The realization of any newspaper should be linked to art direction and a cross-media desk would also be created to handle all information and redirect them to different media.

This major reorganization will she downsizing?

It should actually result in the removal of items from 40 to 50 of the 600 employees that has Le Parisien. But I said that my desire is to avoid forced departures. We want to set up a voluntary redundancy plan the details of which will be discussed with the social partners in September.

What functions are involved?

Mainly managerial functions, simplifying the hierarchical organization, and positions related to the achievement of the newspaper.The creation of new centers, in particular survey and image, is expected to provide opportunities in writing to some of those involved. Scribblers writing should not, however, be affected.

On the branch Amaury Sport Organisation (ASO), what are your plans?

We will continue its internationalization. Several opportunities are being explored. We will support the development of ASO in South America, including Brazil, where we opened a subsidiary in late 2010. But also in Spain, where we took a significant stake in the Vuelta, the Tour of Spain. We also plan to organize events around the bike in Qatar and Oman. Discussions are also underway for events in China.

"The crisis is over," says Louis Welsh, CEO of EADS. "The civil aviation goes, the market is left," he said, who looked forward orders for its Airbus "substantially" higher than the 263 aircraft already in his notebooks Bourget. The EADS boss also confirmed that the A380 superjumbo 'will fly today, "Wednesday.

In this third day of the 49th Paris Air Show in Paris, Airbus and Boeing continue to announce a set of commands. But it is the European leading the way since Monday, with its Neo A320 with about 550 aircraft ordered to date. John Leahy, Airbus commercial director, said the ability to view 1000 commitments Neo A320 orders by the end of the show. "We sold 727 neo so far," he said.

• Airbus: two giant orders coming

On Wednesday, we are still waiting for two big new Airbus.Qatar Airways is to order Airbus A320 Neo fifty. The company also had to sign, according to an industry source, the purchase of five A380s, the jetliner the European aircraft manufacturer. However, Akbar Al Baker, CEO of the airline, said Wednesday that Qatar Airways has not agreed to purchase the additional aircraft.

– LAN, the Chilean airline, has signed a firm order for 20 Airbus A320 Neo.

– India's IndiGo confirmed earlier this afternoon a mega-order for 180 aircraft which fall between 150 and 30 A320 A320 Neo, worth $ 16 billion at list prices. In addition, the low cost Malaysian AirAsia is currently negotiating a contract with Airbus that could be up to 200 A320 Neo.Tony Fernandes, CEO of the airline, is expected Thursday at Le Bourget.

– The rental of aircraft Kuwait Alafcosigne an agreement for six A350. Based on list prices only indicative, this represents $ 1.6 billion.

– The Latin American AviancaTaca company said Wednesday it has signed an agreement to purchase 51 medium-haul A320, including 33 re-engined A320 Neo. All of this command is a list price of about $ 4.5 billion.

– Republic (United States), parent company of Frontier Airlines, has signed a memorandum of understanding for 40 A320 and 40 A319 Neo Neo.

• Boeing booked orders less large

Since Monday, Boeing sign him, smaller contracts (41) for its Airbus 737 medium-haul, direct competitor to the A320 credit score.

– The Russian company UTair signed Wednesday a memorandum of understanding for 40 B737 for a list price of $ 3.2 billion.

The U.S. also announced that the first long-range 787 "Dreamliner" will be delivered to Nippon Airways in August or September.

Sukhoi Superjet • sells in Italy

The Italian airline Blue Panorama Airlines has ordered twelve aircraft Superjet 100 Russian Sukhoi group for $ 370 million (about EUR 257 million) announced Wednesday the Italian group Finmeccanica, Sukhoi partner for the Superjet.

• ATR

ATR, a joint venture between EADS and Finmeccanica, announced Wednesday two new orders, for a total of 13 aircraft. The first placed with the Danish company Nordic Aviation Capital, covers 10 ATR 72-600, plus options for 10 additional aircraft.The second involves three ATR 42-500 aircraft sold to the company TAME Ecuador. Since the beginning of the year, the builder earned $ 2.4 billion in orders.

• GECI

Geci aircraft manufacturer announced Wednesday the signing of letters of intent and memoranda of understanding for the sale of 33 aircraft Skylander SK-105 in Asia and 3 F-406 in Africa. The Skylander SK-105 is a twin turboprop aircraft, capable of carrying 19 passengers or up to 2.7 tons of cargo and operate in extreme environments.

Demonstrations of the A400M are taking place despite damage

A faulty gearbox has grounded the A400M originally scheduled to fly demonstrations during the Paris Air Show, before another unit is assigned to this mission.This technical problem is probably rooted in a manufacturing defect, said Tuesday one of the program. Airbus and engine manufacturers are studying this box, which broke a few days before the beginning of the troop transport plane in the sky at Le Bourget.

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Employees and their families they have fiber "globe-trotting? If we believe the results of the Observatory of expatriation 2011 conducted by BVA for Berlitz Consulting *, expatriation still arouses much enthusiasm from a young population (70% are under 40 years), female (31 %) and widely graduate (72% have a higher or equal to bac + 5).

Their motivations for such an experience are primarily personal. "This is a project of life before becoming a professional springboard, which is a confirmation of previous surveys," says Patricia Glasel, Europe director of Berlitz Consulting. According to 92 to 96% of respondents, it is primarily "an opportunity to learn about other countries."Few, moreover, put forward the idea that it is a "duty bound to professional imperatives."

Business attitudes

For the first time this year, the Observatory of expatriation has examined the conditions for return of employees and the impact that such experience has on their development. The record here is mixed. "The return of expatriate needs a period of rehabilitation seen as difficult by 42% of expatriates," notes Patricia Glasel. The proportion is even higher among Western Europeans (62%).

The home company is singled out in many cases. Only 35% of expatriates believe that their company has ignored their wishes in terms of positions on their return and 38% said it helped them in their rehabilitation process.Result: many of them preferred to change employers upon their return from abroad; they are 47% in this case, the survey Berlitz Consulting. This proportion rises to over 60% among nationals of Western Europe.Furthermore, 45% of expatriates have changed fields of activity once back in their country, and only 28% have been promoted!

What are the main obstacles that have confronted these employees once back? For more than half, the No. 1 challenge was to "readjust to different management practices" or a "different style of management" (46%) 38% highlight "the reconstitution of networks" and 42 % 'difficulty in asserting his international experience. "

However, few would regret this slice of their life abroad, for both their personal and professional development: 70% emphasize the openness that has given them, 68% "knowledge and culture "and 63% 'fluency in languages."They are also ultramajoritaires to say ready to relive an experience abroad, "immediately" (65% of respondents) or "later" (90%). Side joint, this proportion is less important, since they are "only" 71% share this desire to leave.

The results of this barometer confirm once more that the process of expatriate employees must be better understood by the companies themselves. "There is a real need to professionalize the intercultural management, without which globalization will remain meaningless," warns Patricia Glasel.

* Survey conducted by BVA on 2 April 2010 to March 20, 2011, with 528 people (404 expatriates and 124 spouses).

Augustine Paluel-Marmont and Michel de Rovira – "Two snowmen cranks is us," says their website – are about six years after the launch of their company biscuits and yoghurts, to reopen their capital . "We are fortunate that our company is profitable and releases the money to feed its growth. Either we take a gentle pace of growth, that is to say 50% per year on figures that are still modest relative to market size or you decide to cast more quickly the potential is supposed to this adventure and to that mark. And there, indeed, we must have recourse to external capital, "said Augustine-Paluel Marmont. With a turnover of EUR 30 million and 31 employees, two contractors are planning to open a retail network in France that would complement their distribution.Already present in Russia, Japan and the U.S., they dream of a broader development internationally.

School friends

For now, Michel et Augustin is available everywhere in France. "Its purpose is primarily to be a premium brand, very greedy, judgmental, city," says the young entrepreneur. It is present in all the names in retail, catering business, stations, airports but also Monoprix, Franprix, Carrefour City, "which for us are extremely important partners. We stand for quality accessible to the greatest number, "he says. In the frequently heard criticism that the products are expensive, Augustin-Paluel Marmont replies "what matters to me is the quality of raw material.When I put in my drink cow milk fresh whole is always more expensive than semi-skimmed milk. "

The pricing policy by the two "troublemakers of taste" did not stop the brand to gain a strong reputation in an area where it is difficult to place. Success Augustine Paluel-Marmont attributed to an approach that was not originally create a brand, although it is now the case.

"Initially, he says, these are just the names of friends who were sitting together on the benches of the school in 4th and have expressed their feelings of consumers. We had enough of being manipulated by brands and not very well understand the readability of the ingredients that made consumer products to food retailers.We left in a sincere attempt to share a human adventure and greedy with consumers. "Successfully.

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What is most annoying with some first class is when they do not commit the faux pas that await their opponents relentlessly. BNP Paribas – which has outpaced its rivals in recent years French and, to a large extent, Europe – continues to play down the business models now set as a series of music paper.

Michel Pebereau, 69, 1 December 2011 will relinquish the chairmanship of the bank Baudouin Prot, 60, who himself will leave the general direction of Jean-Laurent Bonnafé, his right arm 50 years, a product of the house went to school in leading the integration of BNL in Italy and of Fortis in Belgium …

Replace the pattern of BNP Paribas, which is parallel became the godfather of French capitalism (a role long devoted to Claude Bebear Axa) did not look necessarily easy.For years, the bank had microcosm this deadline in mind and scrutinized them for signs of tension within the staff of the bank. In recent months, it lent itself to such Baudouin Prot ambition to be an MD, not "only" president. It seems to finally accept the chair of Pébereau gracefully …

Later in time, the case of Societe Generale, repeatedly discussed since the failure of the hostile takeover in 1999, was also a good example: the probability of BNP Paribas renewed attack from its rival has often been gauged according to the proportion of "pro" or "anti" in the executive committee. "Pebereau is for, but hesitates Prot" … How many times have we heard that phrase at dinner in town! Often rightly so.Pébereau no secret that the double operation hostile Societe Generale and Paribas in 1999 was not unanimous, he would have liked also that BNP Paribas look over the record German HVB, won by Italy's Unicredit … But until proven otherwise, disputes between each other at BNP Paribas did not hamper its advance. Nor does the estate to John Lawrence Bonnafé has so far caused a hemorrhage at the head of the bank while others would have dreamed of "job".

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