BNP Paribas everything for transparency
2022.12.09 08:41
BNP Paribas everything for transparency
Budrigannews.com – (OTC) BNP Paribas after a discrimination suit revealed a lack of clarity on duties and pay at the French lender, is introducing titles to grade hundreds of investment bank employees in the UK to ensure a transparent job evaluation scheme.
Career milestones at investment banks are typically marked by standardized job titles, starting with analyst and ending with managing director. Instead, BNP has alternative job titles for some employees. The bank’s most senior traders and bankers with offices in the UK are called “heads of desk” or “heads of team.”
A spokesperson for BNP Paribas told Reuters, “BNP Paribas is communicating corporate titles to employees in the London Branch that reflect their existing roles to standardize terminology across all business lines.”
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In January, one of the largest settlements in a UK equal pay case was given to a broker at BNP Paribas in London for 2 million pounds, or $2.45 million. BNP acknowledged that BNP’s pay structures were “opaque” and that the lack of clarity increased the risk of discrimination, according to the employment judge’s ruling.
Since 2016, some corporate finance and mergers and acquisitions (M&A) bankers at BNP in London have used standard titles to reassure clients about their seniority.
The lender was also able to retain employees and compete with Wall Street firms for talent thanks to the standard titles.
Its bankers in the United States and Asia-Pacific already hold titles that are applicable to the entire industry. However, it is uncertain whether the changes will be implemented throughout Europe.
With approximately 3.17 trillion euros in assets, the lender with its headquarters in Paris is Europe’s largest bank.
Employees should have an easier time understanding where they stand on the bank’s career ladder if standard job titles are used. However, a London-based trader who did not wish to be identified said that staff members who might miss out are keeping a close eye on the redesign.
According to the person, individuals who are currently serving as “heads of desk” or “heads of team” and who do not obtain “managing director” titles might be disappointed.
