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Biggest French banks slash bonus payouts
BNP Paribas and Societe Generale, France’s two biggest listed banks, said yesterday they were slashing their annual bonus pool for traders and top bankers after the sector was slammed by funding and capital concerns.
BNP said its bonus pool was being cut by 52 per cent to €488.7m (£395m), according to a regulatory filing posted on the bank’s website.
SocGen, the French bank hardest hit by liquidity fears in 2011, said in a separate filing that its bonus pool was being reduced by 44 per cent to €410m.
But both banks raised base salaries for the year – 1.2 per cent for BNP and four per cent at SocGen, in keeping with industry trends as pay structures change to help retain talent.