France in Focus: CEOs Playing Offense and Defense

Goldman Sachs Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 25 February 2019

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

In France, Goldman Sachs Investment Banking clients are focused on key three risk factors, according to Goldman Sachs' Pierre Hudry: geopolitical outlook, market stability and rising shareholder activism. Amid the uncertainty, however, French management teams remain focused on scaling businesses to compete on the global stage. "Achieving scale and being able to compete notably with the US players, which are massively consolidating and the Chinese players, who are benefitting from the whole market is really top of mind for these corporates," Hudry says. This podcast was recorded on February 1, 2019. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.

Transcript

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0:00.0	This is Exchanges of Goldman Sachs, where we discuss developments currently shaping markets, industries
0:13.5	in the global economy.
0:14.5	I'm Jake Stewart, global head of corporate communications here at the firm.
0:18.2	Today we're going to talk about France, the big business issues on the minds of our investment banking
0:22.1	clients, how growth in France looks compared to the rest of Europe, and what to make of the political landscape there and much, much more to talk all that through.
0:30.0	We're joined by Pierre Udoi, head of the Investment Bank for France, Belgium, and Luxembourg,
0:36.0	and head of the firm's Paris office. Pierre, welcome to the program.
0:39.0	Thank you, Jake. Thank you for having me.
0:41.0	Let's start with what your clients, the investment banking clients of the
0:43.6	firm, are talking about what's top of mind for them when they look at the business
0:46.8	landscape in France today? Key shoes which are top of mind for our clients, I B.D. clients today.
0:52.4	Number one, geopolitical macro outlook. Very focused on the US and the China business cycle. Very focused on the situation in Italy. Very focused on Brexit. Very focused on the situation in Italy, very focused on Brexit,
1:03.7	very focused on the rise of populism and the potential threat to the global world order,
1:09.0	climate change, defense, etc, etc.
1:12.1	So that would be topic number one.
1:14.0	Topic number two, I would say activism is definitely top of mind.
1:19.0	You know, this is certainly a change from what it has been and we'll have an opportunity to talk about that as well.
1:24.5	Number three I would also emphasize overall market stability.
1:28.2	People going into the end of 18 were quite focused on the level of volatility that we were seeing in the market.
1:34.8	Obviously it's been a sort of 10 year bull run.
1:37.8	The question among a lot of our French corporate clients is,
1:40.7	when is this ending?
	...

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