BNP Paribas bonuses spark anger in France

sg.news.yahoo.com

PARIS (AFP) – French bank BNP Paribas said Wednesday it expected to pay out over one billion euros in bonus payments to traders, executives and some 17,000 staff in its investment banking divisions this year.

A spokesman told AFP that an average of 59,000 euros (85,000 dollars) per person was being anticipated, but he said that the bank would “scrupulously respect” guidelines agreed by Group of 20 major economies in April.

The scale of the bonuses sparked anger in France when revealed by the left-wing Liberation daily newspaper, with Socialist opposition leader Martine Aubry issuing a statement that termed the amount “a veritable scandal.”

Industry Minister Christian Estrosi told French radio that France’s central bank will “supervise” the payments in the interests of “transparency and guarantees” that rules drawn up by political leaders in London are adhered to.

But the bank said it had to offer renewed bonuses and was “worried that many of our rivals, notably in the United States, are no longer applying the rules” the spokesman said have been in force internally since last year. Read full article…

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