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SocGen seeks to pay bankers bonuses up to double their salaries
[March 18, 2014]
PARIS (Reuters) — France's
No. 2 listed bank, Societe Generale, said it will ask
shareholders for permission to pay some staff bonuses
worth up to double their salaries, in accordance with
the European Union cap on bonuses. SocGen disclosed on Monday a 299.8 million-euro compensation pool in 2013 for management, traders and employees whose activities have a material impact on the risk profile of the bank. |
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Chief Executive Officer Frederic Oudea said last
month the bonus pool would be down for 2013, after a 445.9
million euro fine over attempted rigging of the Euribor
benchmark rate wiped out investment banking profits in the
quarter. From next year bankers' bonuses in the 28-country EU can be no
higher than their salaries or twice that amount if a bank's
shareholders give their approval. However, HSBC <HSBA.L>, Lloyds <LLOY.L> and Barclays <BARC.L>
are all considering giving top staff monthly or quarterly
allowances to boost fixed pay. (Reporting by Lionel Laurent, Leila Abboud and Maya Nikolaeva; editing by Cynthia Osterman) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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