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French bank likely pays large guaranteed bonus to hire from UBS

BNP Paribas is staking its claim to be the top investment bank in Europe – and they’re putting their money where their mouth is.

BNP might have lost out to Nomura recently, with a big-name trading MD leaving the French bank after less than a year at his post. But it’s poached a senior financial sponsor banker to compensate.

Andrew Holloway joined BNP as a senior managing director today after 4 years at Swiss bank UBS, where he was an MD, and 15 years at Deutsche Bank before that.

Financial sponsors bankers work with private equity firms to buy and sell portfolio companies - but according to finance market specialists Dealogic, neither BNP nor UBS are in the top ten for global financial sponsor revenue.

Holloway’s move to BNP is a strong sign of optimism both in Paris and for the wider financial industry – hiring into a downturn is rare enough.

The FT reported last month that Blair Effron, co-founder of boutique firm Centreview Partners, was optimistic for private equity – “the first wave of M&A coming out of this is private equity-driven, not corporate-driven.”

BNP isn’t the only confident bank – Evercore took on Richard Hoyle as a senior managing director this month too. Hoyle joined after 8 years as a managing director at Lazard, and 14 years before that at Greenhill, specializing in TMT (Technology, Media, and Telecom). He heads up Evercore’s European information and media team.

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AUTHORZeno Toulon
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