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Business

Natixis confirms paying €90 million in bonuses

Video by Shona BHATTACHARYYA

Text by FRANCE 24 (with wires)

Latest update : 2009-03-27

Adding to the controversy surrounding big bonuses paid to company executives, French bank Natixis confirmed it doled out 90 million euros worth of bonuses for 2008. A bank spokesman confirmed that 3,000 of its employees received them.

French Natixis bank is in the middle of a new controversy on business executives' revenues, a day after France's government announced that it would ban stock options and bonuses for executives of companies which have received state aid.

 

A bank spokesman confirmed that it had distributed 90 million euros worth of bonuses to 3,000 of its employees - mostly traders - for 2008. The amount of bonuses was cut down by 73% compared with 2007, the spokesperson added.

 

Natixis, a subsidiary of Caisse d'Epargne and Banques Populaires heavily hit by the global financial crisis, lost a total of 2,8 billion euros in 2008. The bank already laid off 1,250 people last year and has plans to let another 166 go. Meanwhile, the French government has announced a five billion euro subsidy to newly merged Caisse d'Epargne and Banques Populaires.

Date created : 2009-03-27

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