BNP Paribas has long wanted to claim the crown as the leading homegrown investment bank in Europe, deposing Deutsche Bank and Barclays. But three years ago, its investment bank boss Yann Gérardin set an even stiffer target: by 2020 it would be one of the top three suppliers of investment banking services to core European clients.

Sceptical observers suggested it was being over-ambitious. Sure, some European rivals were pulling back; but the Wall Street giants were rampant.