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Atlanta, Georgia Office

3930 East Jones Bridge Road
Atlanta
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Owings Mills, MD Office

25 Crossroads Drive, Suite 200
Owings Mills
MD
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Los Angeles Office

11150 Olympic Blvd, Suite 600
Los Angeles, CA
US

The Hague, Holland Office

Loire 200-202
The Hague
NL

London, UK Office

Baker's Hall 7 Harp Lane
London
GB

Singapore Office

30 Cecil St. #22-02/08 Prudential Tower
Singapore
SG

Scottsdale, Arizona Office

7272 E. Indian School Road
Scottsdale
AZ
US

Jersey City, NJ Office

10 Exchange Place, 23rd Floor
Jersey City
NJ
US

Brookfield, Wisconsin Head Office

255 Fiserv Drive
Brookfield
WI
US

Sydney, Australia Office

Level 14 124 Walker Street
North Sydney
AU

Luxembourg Office

4 Rue d'Arlon
Luxembourg
LU

Uxbridge, UK Office

7 Roundwood Ave
Uxbridge
GB

Lake Mary, Florida, US Office

600 Colonial Center Pkwy
Lake Mary
FL
US

Telephone

617-217-2816

Contact

Melanie Cousins
[email protected]
Back to all Fiserv announcements

Major French banks set to cut bonuses

France's two foremost banks are set to slash their yearly staff bonus budgets due to ongoing financial issues in the country.

BNP Paribas and Societe Generale have today (8 May) announced their intention to drastically reduce the additional remuneration packages on offer to their professionals in the future, Reuters reports.

Last week (4 May), BNP Paribas revealed that its total revenue declined by 15.4 per cent in the first quarter of the year in comparison to the corresponding period in 2011.

And according to details released by the financier this morning, BNP Paribas will cut its bonus pool by 52 per cent to €488.7 million ($635 million) moving forward.

Meanwhile, Societe Generale is set to follow suit by implementing a 44 per cent reduction to a level of €410 million.

However, in order to attract and retain the best talent, both banks have also introduced basic wage increases despite their ongoing difficulties.

By Claire Archer