For all the talk about Bank of America's big new office in Paris and all the hiring that's happening there, Parisian bankers say BofA isn't the U.S. bank with the biggest presence in Paris. That accolade apparently goes to Morgan Stanley, which has been present in Paris since 1967, even though the bank's post-Brexit EU trading base will theoretically be Frankfurt.
Morgan Stanley is strengthening its Paris business. The U.S. bank has recruited Ana Cendoya-Delcroix, a star rates saleswoman from Deutsche Bank. Sources say Cendoya-Delcroix is joining later this week, as head of fixed income at Morgan Stanley in France.
Morgan Stanley declined to comment, as did Deutsche Bank. Cendoya-Delcroix didn't respond to a request to confirm her whereabouts. She previously spent nearly fifteen years at Deutsche, after joining from Lehman Brothers in London in 2008.
Sources said Cendoya-Delcroix is one of the best rates saleswomen in the market, although eyebrows have also been raised at the size of her promotion at Morgan Stanley. At Deutsche Bank she was head of rates for the French market.
Headhunters said French hiring is heating up ahead of Brexit, with U.S. banks bidding-up pay at local French players. Jefferies is also said to be recruiting across fixed income and equities, in both Paris and Frankfurt. "Paris is getting a little bit overheated and it’s only going to get worse," said one headhunter.
However, one French banker said things are now quietening down as banks approach year end and avoid adding costs through recruitment. "Bank of America are doing less now, but will start again in January," he says, adding that another international bank in France took months to make a decision about hiring him due to constraints.
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