Europe:French Bank BNP Making Huge Bonus Payout

The 2008 Wall Street’s bonus pay-out has created a big uproar amongst the taxpayers. We see another counterpart in Europe-French bank BNP Paribas which on 5th August announced the expected pay-out of over one billion euros in bonus payments to traders,executives and some 17,000 staff in its investment banking divisions this year. It is estimated that this should average 59,000 euros (85,000 dollars) per person.

According to the spokesman,the proposed payout for this year are based on the following rationales:

• 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”
• G20 leaders did not suppress bonus payments,but agreed to clamp down on guaranteed bonuses over multiple calendar or financial years,or their calculation on net earnings after write-downs on risk.

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