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    BARC   GB0031348658

BARCLAYS PLC

(BARC)
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Delayed London Stock Exchange  -  11:35:01 2023-02-07 am EST
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BNP Paribas hands its London bankers standardised job titles to ensure transparency

12/09/2022 | 08:10am EST
Illustration shows BNP Paribas logo

LONDON (Reuters) - BNP Paribas is introducing titles to grade hundreds of investment bank employees in the UK, a move to ensure a transparent job evaluation scheme, after a discrimination suit showed a lack of clarity on duties and pay at the French lender.

Investment banks typically use standardised job titles to mark career milestones, starting at analyst and culminating at managing director. BNP instead has alternative designations for some employees, with the bank's most senior UK-based traders and bankers named 'heads of desk' or 'heads of team'.

"BNP Paribas is communicating corporate titles to employees in the London Branch that reflect their existing roles to standardise terminology across all business lines," a spokesperson told Reuters.

A broker at BNP Paribas in London was awarded 2 million pounds ($2.45 million) in January, one of the biggest payouts in a UK equal pay suit. The employment judge ruled that BNP's pay structures were "opaque", adding that BNP acknowleged the lack of clarity increased the risk of discrimination.

Some of BNP's corporate finance and M&A bankers in London have had standard titles since 2016 as the bank sought to reassure clients of the seniority of those looking after them.

The standard titles also helped the lender retain and compete for talent against Wall Street firms.

Its bankers in the United States and the Asia Pacific region already have industry-wide titles. But it's unclear whether the changes will be rolled out across Europe.

The Paris-based lender is Europe's biggest bank, with about 3 trillion euros ($3.17 trillion) in assets.

Deploying standardised job titles should make it easier for employees to understand where they rank on the bank's career ladder. But the revamp is being watched closely by staff who might miss out, according to one London-based trader, who declined to be named.

Individuals currently serving as 'heads of desk' or 'heads of team' who fail to secure 'managing director' titles could be disappointed, the person said.

($1 = 0.9475 euros)

($1 = 0.8167 pounds)

(Editing by Louise Heavens)

By Sinead Cruise and Stefania Spezzati


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 1.23% 188.84 Delayed Quote.17.68%
BNP PARIBAS 2.62% 62.34 Real-time Quote.14.08%
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Financials
Sales 2022 25 080 M 30 118 M 30 118 M
Net income 2022 4 924 M 5 913 M 5 913 M
Net Debt 2022 - - -
P/E ratio 2022 6,41x
Yield 2022 3,78%
Capitalization 29 972 M 35 992 M 35 992 M
Capi. / Sales 2022 1,20x
Capi. / Sales 2023 1,14x
Nbr of Employees 81 600
Free-Float 99,6%
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 188,84 GBX
Average target price 237,21 GBX
Spread / Average Target 25,6%
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Managers and Directors
C. S. Venkatakrishnan Group Chief Executive Officer & Director
Angela Anna Cross Group Finance Director & Executive Director
Nigel Paul Higgins Group Chairman
Alistair Currie Group Chief Operating Officer
Laura Padovani Global Head-Compliance Services
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