Yann Gindre became an instant celebrity last summer - but not for reasons entirely of his own choosing. When most high-rolling Euromarketeers were lying on tropical beaches or on their private yachts, Gindre became the centre of a tug-of-war, as senior executives at BZW in London jockeyed for position following the arrival of Robert Diamond from Credit Suisse First Boston as BZW's new fixed-income supremo.
Think back and remember the chronological progression of events following the untimely death of BZW's chief executive, David Band, in February 1996 while on a skiing holiday. In the same month Diamond was ousted from the then CS First Boston (now CSFB) after losing a bloody battle with Allen Wheat and the head of domestic fixed-income, John Costas.
Diamond, with a brilliant career at Morgan Stanley as well as CSFB, suddenly became BZW's best hope to make the bank a fixed-income powerhouse. Diamond had met Band briefly, now he was in talks with Martin Taylor, chief executive of Barclays Bank. Taylor was clearly impressed. Less than two months later, in early April 1996, Diamond was hired. Even in the compensation-obsessed Euromarkets, Diamond's rumoured guaranteed pay and bonus package of $5 million a year became the hot gossip in every City bar.