E151 That Great Business Show - Derek Kehoe, CEO BNP-Paribas Ireland

That Great Business Show

With thanks to DoneDeal.ie

E151 - Derek Kehoe, CEO BNP-Paribas, Ireland

• Corporate and Institutional banking is their main business in Ireland
• They're not planning on opening branch banking in Ireland
• He talks about issues around mortgages in Ireland - and the fact that some don't have to pay them back.
• He explains how the CEO in Paris 'knocked people's heads together', to get units in different countries to work as one bank
• People have to be judged on their quantitative and qualitative performance as part of the way to 'make' staff work together
• He explains how expensive Paris is compared to Dublin...when all charges are included, it's very, very interesting
• 'We have benefitted from Brexit' - and he talks about the crack in the windscreen eventually shattering...and what that means to London as a financial centre
• Automation means that trading is now handled by computers, rather than noisy traders but he says that there will still room for Arts graduates, not just mathematicians and their algos (algorithms!)
• Sustainable finance could/should be part of the future for growth of financial services in Ireland
• He is very positive on Ireland having a Minister for Financial Services within Government
• Personal taxation and a 'general hostility' towards financial services are impediments to further growth of the sector in Ireland and in attracting international financial services to the country.
• The Financial Regulator is tough but firm and he says the Regulator needs to be tough.
• Hiring people at BNP Paribas is not a problem at the moment (having seen staff churn at 15% in Q2, 2022)
• And who would he 'hire in a heartbeat' - Prof Luke O'Neill

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