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October 1, Groupe Lucien Barriere should take his first steps on the Exchange. Wednesday night, after the close of trading, Accor announced it was withdrawing the offer to sell its 49% stake in Barrier lack of interest. "This participation is valued between 500 and 700 million euros", explained Gilles Pelisson Le Figaro (our editions of February 25).

By renouncing the transfer, it actually cancels the operation. Groupe Lucien Barriere securities were offered for sale at a price between EUR 16.10 and EUR 19.60.The final price for the placing on the market would normally be announced today, to allow the first steps Fellows casino operator tomorrow.

The Paris market does not like this ad: shortly after the opening of the Paris Stock Exchange on Thursday morning, Accor sells 2.5% thus registering one of the largest declines in the Cac 40, which fell for his part 0.6%.

Operation deemed "unclear"

"The operation was not obvious," says one banker specializing in fundraising. The segment of mid-cap companies is complex by nature and the sector does not dream of investors.The stock market performance of comparable, as Partouche, really did not plead for Barrier. "An argument partially taken over by Accor attributes that failure to both bad timing, a failure to market the casino sector, comparable to some carriers , referring to him as well, but a hint rival Partouche.

Accor justifies its decision, which took down many observers, the lack of investor enthusiasm for this band best known for its casinos but also has hotels, restaurants and bars, including Fouquet's payday loans direct lenders. "The offer did not meet the expected success in the proposed price range," says a spokeswoman for Accor.

A disposal plan quickfire

In an attempt to reassure the French number one in the hotel said that he is ahead in terms of asset sales it had set.In May 2010, he was 2 billion euros in sales by 2013, mainly walls of hotels. This year it was to achieve 450 million euros. The group should be ahead of its plan from 150 to 200 million by the end of the year.

In addition, good half also helped to strengthen Accor's finances. The abandonment of the sale should not have any impact on the balance sheet. This participation has been deconsolidated and should remain so for at least a year. However, "the group's debt was to be accelerated will now at a normal pace," said Gilles Pelisson warned Wednesday that "always said" it does not curtail Lucien Barriere.

Nevertheless, the sale of the stake in Barrier should be only a postponement. It remains a "non-strategic assets." All options are open again, including the search for an investor.This hypothesis has yet been abandoned once, management of the IPO Barrier preferring this solution.

Gilles Pelisson has reiterated "confident in the prospects of the group" remains "a great asset." Accor also claims to have "the ability to continue its expansion while retaining its stake in Groupe Lucien Barrière to benefit from the expected value creation."

Since early summer, ads for "carts" feed rumors to the City and on Wall Street. End Dated: Management of Royal Bank of Scotland (RBS) said this week the representatives of its staff it would cut 500 jobs in its support functions. In two years, the Scottish bank will be nationalized and reduced its workforce by 27,000 jobs.

Barclays Capital and Bank of America Merrill Lynch apart for each share of about 400 bankers in financing and investment. Credit Suisse is "satisfied" at this time to reduce its workforce by 75 positions. The three institutions have, in the month of August began to target the jobs concerned. The majority of deletions is the City, but this new wave of austerity could spread quickly to Wall Street.According to Fox Business Network, Morgan Stanley has decided one month ago to freeze all its investment arm for his hires until the end of the year.

After a cold spell in the months that followed the collapse of Lehman Brothers, Morgan Stanley, just like all its competitors, was given to hiring (400 people) last year. The momentary relief from market activities, so let's hope for recovery.

But optimism will not last long. Revenues in investment banking are expected to decline throughout the third quarter due to weak trading and capital markets. Deutsche Bank, the first German investment bank, announced at a profit warning that earnings from its corporate banking division and securities could be significantly lower than the previous year same day payday loans.Hedge funds are also affected. According to sources, the Financial Times, DE Shaw, the second largest fund alternative world, preparing to lay off 10% of its workforce, or 150 people.

Bonus "really, really weak"

Lane discordant pessimistic in this concert, the CEO of Societe Generale, Frederic Oudéa said yesterday that trading conditions had improved between the second and third quarter.

The famous financial analyst Meredith Whitney on CNBC Tuesday examined the issue of compensation. The drop in revenues in the second half in investment banking bonuses would result in "really, really low."For the record, the average bonus in New York in 2009 had risen to 123 000 dollars per head.

In a report in late August, the same analyst estimated that job losses in the financial sphere would reach a total of 80,000 posts in ten months. The announcements this summer are only the beginnings of larger movements. Most of the dismissals in the first quarter of 2011. Banks are adapting to the difficult environment, but also the prospect of new prudential rules. The future banking regulation, on which floor the G20 looks for increased mobilization of capital in the face of business trading. A de facto requirement that will make these activities less profitable for institutions, which could encourage them to further reduce the wing.