But there's a catch.
BNP Paribas will be naming more investment bank managing directors than any of its rivals this year — even if it does not hire a single person.
The Financial Times reports that the bank, which grew its corporate and institutional bank’s revenue faster than any European rival last year, is preparing to introduce traditional investment banking titles globally, said people familiar with the situation.
“People like to know where they stand, it’s a competitive world out there,” said one person familiar with the moves, which will be implemented globally over the coming months.
All the large investment banks have standard titles for key career levels, with staff joining as analysts and the most talented eventually progressing to managing director.
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