The Lifetime Achievement Award was incorporated into the inaugural Risk awards in 2000, to recognise an individual who has made an outstanding contribution to the activities Risk Magazine covers - including derivatives, risk management, quantitative finance and regulation - throughout their career. The award was presented on Wednesday evening at Risk's annual event in London.
Leading industry journal, Risk magazine, has bestowed top honours on the BNP Paribas Corporate & Institutional Banking chief.
Risk magazine's profile of Yann Gérardin noted the significant achievements of his career:
"It might seem difficult for someone working in one of the 10 largest banks in the world by assets to develop an entrepreneurial mindset, but Gérardin's debut at Banque Nationale de Paris (BNP) in 1987 was in an unusually autonomous role. He was hired in 1987 to set up an equity options business from scratch. Privatisation in 1993 sparked a new strategic plan, which included a targeted acquisition in the US to grow the equity options business. Gérardin led the search, and identified boutique options trader Cooper Neff, which was snapped up in 1994. What followed in the next decade is still a remarkable transformation, even from today's perspective when the dominance of French banks in equity derivatives is somewhat taken for granted."
"Following massive central bank and government intervention in the final quarter of 2008, many investment banks returned to hiring mode during 2009, in anticipation that a strong market rally would help revenues recover. Gérardin's analysis was that a round of post-crisis regulation and higher capital requirements would substantially constrain the balance sheets of the major dealers, to an extent that could not be offset by any rebound in revenues. This prompted him to impose a complete change of strategy on his division, including cost-cutting and shrinking risk-weighted assets and funding needs. In the end, the transformation left the bank in a position of strength to comply with Basel 2.5 from 2011, and coincidentally left it better prepared than peers to cope when the Eurozone crisis heated up in 2010 and 2011. By 2012, Gérardin's division was able to begin taking back market share, going on the acquisition path just when other banks were being forced to head for the exits."
Yann Gérardin, Head of CIB, BNP Paribas said:
"It's an honour to receive this award from Risk Magazine. The credit however is not mine - instead it belongs to the BNP Paribas teams I have worked with over the years. Whilst proud of our collective accomplishments, the 'past is prologue'; our focus is firmly on the future, on continuing to transform our business, and - most importantly - on supporting our clients."
The bank is also pleased to announce that the BNP Paribas CIB Portfolio Management team won this year's award for Credit portfolio manager of the year.