The time for concessionsStill other sectors

This Wednesday, March 25, the atmosphere is electric building overlooking the Seine of Natixis. That day, some 900 traders and other market participants of this subsidiary of Caisses d'Epargne and Banques Populaires await the announcement of the bonus. Over the hours, fleet in the air a mixture of hope, misunderstanding, relief and anger. One by one, the "golden boys" are notified by telephone, called in their head offices or invited to a video conference. The verdict is: despite a deficit of nearly 3 billion euros and a second plan of voluntary departures, the bonus amounted to EUR 70 million. Half of the sum will be attributed to market operators. But only one-third will benefit from these premiums. In addition, for a few high potentials sorted on the pane, a plan of holding "units" placed on an account-based and convertible term, hard and cash cash. "Some were outraged." "Others were pleased mine, suggesting that everyone had not housed in the same fashion," says Francis Vergnaud, he even operator in market hall and Vice-President of the national Union of the Bank, the second after the CFDT in Natixis. The direction will justify his action by stating that it "should reward those who have had positive performance and contributed to reduce the losses of the Bank." Nevertheless.

Rooms of market that idle, teams which reduce, a morose atmosphere... After have been stigmatized as those responsible for the financial crisis, traders in financing and investment banks, are grey mine.

Calyon Natixis, BNP Paribas, Société Générale... whatever their employer, all held to testify anonymously. "There is a climate of distrust and a deep unease since the bankruptcy of Lehman Brothers and the Madoff scandal", says Francis Vergnaud. Followed a serious market stop. Some activities have dropped 90.

"In a year, in my area" interest rate short term ", the number of transactions fell 500 tickets per day to 20 per week", reflects Francis Vergnaud. What build a great motivation.

"More and more people leave to 18 hours." "Previously, it was unthinkable", confirms Pierre, trader at BNP Paribas CIB in structured products, hard hit by the crisis. This complicates the task of those who remain: "find liquidity, clients or make of the quotes is more difficult to the daily," observed a trader derivatives of Calyon, Crédit Agricole subsidiary rates.

Technical unemployment

However, the inertia of the market is not only responsible for the decline of activity. To limit their losses, banks have refocused their operations, complex and exotic products to produce so-called "Vanilla", less risky but less remunerative. Calyon and Natixis thus removed several activities. Many adjustments which have forced some technical unemployment. "On Internet surfing, reading the newspaper, it is ballad or play games", says Maxime, trader at Natixis in derivatives, part of which activity is doomed to disappear.

Some prepare even their output. "Many remake their CV." I even surprised a leader working on! ", said a trader at BNP Paribas CIB. Most know in an ejection seat. If the method is less brutal that in London, the pressure remains strong, tells Francis Vergnaud. Thus, at Natixis, three employees have already before the Commission "Stress, prevention of harassment and suffering at work". The consequences are sometimes insidious. "Employees are depressed and worried about, then they have the head elsewhere." In January, we recorded so many accidents on the journey home business in a year.

The bonus pending further exacerbated these tensions. Because if BNP Paribas, Calyon and Société Générale also paid bonuses, the envelopes are reduced be shrinking. They are 40 to 70 lower than last year, even for traders whose activity has been profitable in 2008. "It is difficult to say that we pay for others," notes Philippe in BNP Paribas CIB, which saw equal outcome, his bonus melt more than 60 in one year. The pill goes wrong. As some feel released by their superiors. "We expected it, but what we were not prepared, on the other hand, it was to the disengagement of the management, said maxim, at Natixis."

Little mea culpa

However, despite the uproar caused in public opinion, there are few traders to make their mea culpa. While the g-20 countries come to agree to their wages, "they feel neither guilty nor responsible for", said Johan Brucale, senior director of recruitment firm Michael Page. For them, the wrongful are traders who speculated on the own account of the Bank, with sophisticated and harder to measure products. However these are minority. Pillory implementing generalized is therefore seen as a profound injustice. To the point that some, such as Elodie, dare more reveal their profession: "I have enough to deal with con artist then in General, I say only that I am an employee of Bank."

In this turbulent context, they must also learn to work otherwise. The crisis, most banks have taken steps which changed their daily actions. Thus, granted boundaries have become more stringent: "Asked for positions may be less profitable, but less risky", note Joseph Florentin, associated with the Eurogroup Cabinet. Which considerably reduces the flexibility of the traders. "And the interest of our work," observes one of them. Moreover, since the Kerviel case, controls have been strengthened. Because the processes in place were not necessarily effective. Evidenced by Daniel Pion, a partner at Deloitte: "When that I was a trader in foreign exchange options, the external auditors who controlled me did not always nature and the risks inherent in my activities." "They relied on my good faith."

Daily checks

Another source of failure, the risks, including market, sometimes were minimized. Also, information systems have been consolidated and expanded with more sharp profiles risk teams who want a more accurate "reporting". A new feature has appeared: the "product control" manager, whose role is to be recalculated every night the position of the operator to see if she is losing or winning. "More and more controls are carried out the same day", observes Keichi Cazauran, Vice-President of the SCC Office. The management is also more present: "patterns of desk follow their teams more rigorously," adds Eudes the guy, Associate Director of the firm beliefs HR. -Side market participants, "we feel the pressure come from the top", note a chargé d'affaires in HSBC. Since end of 2008, its "reporting" in the pattern of sales have gone from one month to... three per week... with a debriefing full, client by client. "Some traders have difficulty accepting to be so framed, note Daniel pawn in Deloitte." But the prospects for conversion are not numerous. "Especially for those who specialize in a product, a market or a geographical area. More generalist, whose activity has been deleted, try to migrate to other trades. Opportunities are more numerous in the functions control and risks. But they attract little traders because they are less income: wages are 40 lower, including bonus. They are also less rewarding: "It is as if you asked a soccer player to become head coach, while he still has the physical capabilities to be on the ground," adds Keichi Cazauran in SCC.

The time for concessions

Still other sectors. As the Council. Since a few months, SCC has never received so many applications from ex-traders. Welfare and insurance are also a renewed interest. Lack of opportunities, some set up their private portfolio management company. Others change life: Calyon Financial Analyst is party make beekeeping; There are more former traders who have opened a bed and breakfast, purchased a vineyard or began a tour of the world. "They are not bitter, they know that it is the rule of the game. But after having lived such a frenzy, it is sometimes hard for a pattern of market room to be inactive, stuck between the buffet of the mother-in-law and the morning newspaper. "So, they prefer personal projects", explains Eric Singer, partner of the cabinet of heads Singer & Hamilton hunting. All know, in any case, that the time is to concessions. The image of this ex-trader employed by the Caisse des Dépôts: "my earnings decreased by 50, my responsibilities have amputees since I manage more team, while I was responsible for eight people. My work has much less interest.