🔵 When Goldman loses a veteran, and J.P. Morgan strikes at the heart of Paris

The appointment of Thierry Sancier as head of J.P. Morgan Paris is not a simple career move. It is a decisive piece repositioned on the European financial chessboard, with repercussions far beyond the circle of M&A insiders.

Why him?

Because Thierry Sancier, after thirty years at Goldman Sachs, embodies both technical expertise and relational capital. He is not just a dealmaker; he is a discreet “kingmaker” who has guided major French and European industrial transformations. His profile combines three rare assets: intimate knowledge of government and CAC40 decision-making circuits, international legitimacy in major transactions, and the proven trust of strategic clients.

Why now?

Because J.P. Morgan faces a delicate succession. Kyril Courboin leaves behind a transformed institution: Paris has become a central hub since Brexit, with headcount multiplied by four and profits now surpassing Germany. Letting this leadership erode would be unthinkable. The timing is perfect for a bold move: taking one of Goldman’s pillars, just as the competition to capture European deal flow reaches its peak.

The real stakes.

Paris is no longer a regional outpost: it is the core of the battle. Over €1 billion in pre-tax profits in 2023, twice that of Germany. Behind these figures lies a geopolitical issue: positioning Paris as the indispensable center for the decade’s industrial and energy restructurings. Sancier’s appointment is therefore an offensive move: weaken Goldman, strengthen JPM, lock down Paris.

The challenges.

Sancier must navigate a sensitive cultural transition: moving from the Goldman world, his “home” since 1995, to that of J.P. Morgan. He will need to quickly prove his ability to rally a fast-growing team, sustain the post-Courboin momentum, and embody a clear vision for CEOs themselves under transformation pressure. In this role, he will not only be a banker; he will become a political actor, expected to deliver both transactional expertise and intelligence of Paris’s inner workings.

The hidden layer.

This move is as much about influence as governance. By choosing a Goldman Sachs veteran for Paris, Jamie Dimon sends a clear message: J.P. Morgan does not merely intend to play on the field, but to dominate it. CEOs will read a broader lesson here: in a shifting environment, the key is not only technical skill, but mastery of invisible networks and the ability to decipher the real dynamics of power.

A nomination? Yes. But above all, a strategic warning: Paris has become a battlefield, and only those who can read the hidden signals will keep their rank.

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