The French do not know how to run or manage the investment banking business in the US.
Pros
There were some very good people there, the office environment in NYC was generally collegial, and the infrastructure and systems while *way below* the quant systems of other big i-banks, were workable if you could program them yourself or get a sheet built for you. The compensation was significantly below the larger banks, but the work hours were less demanding and the amount of vacation was downright absurd (7 weeks).
Cons
There was constant tension with Paris or London, who tried to micro-manage every decision or client relationship. They kept people around who never made money, were terrified of making decisions, and hid themselves in layers of opaque management. They also fired people who did make money because they either didn't fit into the culture or challenged management. It was bizarre at times.
