Jean Peyrelevade

In June 2025, Peyrelevade published an opinion piece stating that the Zucman tax, a minimum 2% levy on very large fortunes, made 'no sense' and would be an economic aberration. In particular, he disputed diagnoses of billionaires' tax burdens and the treatment of entrepreneurial capital.

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Personally implicated

Peyrelevade opposed the 35-hour working week on competitiveness grounds and, when asked in 2008 whether it should be dismantled, stated openly and provocatively that it certainly should have been.

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Personally implicated

In 2003, the Federal Reserve opened proceedings against Peyrelevade in the Executive Life case, alleging involvement in regulatory violations and false or misleading statements. In January 2006, a settlement ended the proceedings: he accepted a plea relating to two counts of false statements by Crédit lyonnais, a criminal fine of $500,000 and banking restrictions.

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Personally implicated

In his book Le Capitalisme total, Peyrelevade criticised the primacy of shareholder value, share options and executive enrichment. The position sparked controversy because some business leaders accused him of having benefited from the very system he criticised.

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Peyrelevade's remuneration at Crédit lyonnais increased from approximately 1.6 million francs in 1995 to almost €1 million in 2002. His departure included an in-house pension reported at approximately €432,000 a year; the press also highlighted changes made to share-option rules in 2001 against a background of takeover activity.

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In the PanEuroLife investigation, Peyrelevade was questioned at length by investigators because of his previous positions at UAP. He was not brought before the investigating judge or formally placed under investigation; people close to him clarified that he had been questioned as a witness.

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Soon after joining Crédit lyonnais, Peyrelevade abandoned the approach of seeking an amicable agreement with Bernard Tapie and pursued an aggressive debt-recovery strategy: precautionary seizure of furnishings, challenge to the March 1994 settlement agreement and further actions to recover debts.

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Directly implicated

UAP, chaired by Jean Peyrelevade, invested approximately fourteen billion francs to acquire a 34% stake in Victoire as part of arrangements with Suez. Relations between Peyrelevade and Gérard Worms deteriorated, leading to two years of conflict before the assets were divided, notably around Colonia.

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Directly implicated

Under Peyrelevade's chairmanship, UAP's net profit fell by 71% in 1992. Its wholly owned subsidiary Banque Worms lost 1.63 billion francs, while Scandinavian insurers and general insurance operations also contributed to the deterioration.

State of the evidence

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Not applicable

Attribution

Directly implicated