SocGen chief’s first bonus

THE chief executive of Societe Generale, Frederic Oudea, has been awarded his first bonus since taking the job, the bank revealed yesterday.

Oudea has been given €598,400 (£519,000) in a cash bonus in addition to his €1.16m salary, for total compensation of €1.75m.

He waived his bonus for both 2008 and 2009, citing the bank’s ongoing losses due to the financial crisis and the €4.9bn damage done by rogue trader Jerome Kerviel.

The bank increased pre-tax profits seven-fold last year, however. “The board judged that the general management had very largely met the qualitative goals set for it by the board in 2010,” SocGen said.

Its pre-tax profits for 2010 were €5.8bn and net income came in at €3.9bn. Oudea said at the bank’s results presentation that it is one year into a five-year plan that aims to bring net income up to €6bn.