(AOF) – Bank of America has announced the appointment of Emmanuel Regniez as co-head of the Investment Banking activity in France, alongside Jérôme Morisseau. Emmanuel Regniez and Jérôme Morisseau will work with Stéphane Courbon, Chairman of the Corporate and Investment Banking activity in France, for the day-to-day management of this activity. They will join Laurent Vieillevigne, Vice-Chairman of the Investment Banking activity in France, and the rest of the team, to ensure the development of client relationships.
In his previous positions, he notably worked at Citi, as Head of Investment Banking and Sponsor Coverage in France. Emmanuel Regniez has more than 26 years of experience, including 8 years at Lehman Brothers, and 12 years at Credit Suisse.
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Cascading downsizing
In the United States and Europe, investment banks had put their workforce reduction plans on hold. However, faced with a surge in the cost of unpaid debts, these establishments will have to reduce their staff. Even if, in the year 2020, some analysts estimate that the revenues of the twelve major global investment banks should jump 25% to more than 188 billion dollars. S&P Global Ratings considers 2021 to be even tougher than 2009.
European banks are the most active in terms of workforce reduction. In the third quarter, front office staff fell by 5% in Europe. The equity trades were the most affected.
Commerzbank, which posted losses of 162 million euros between January and September following provisions to deal with the crisis and restructuring charges, could cut around 10,000 jobs. This is almost as much as its rival, Deutsche Bank, which will reduce its workforce from 87,000 to 74,000 jobs by 2022.
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