Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

DR Congo : thousands welcome opposition leader Tshisekedi after two-year absence

Read more

MEDIAWATCH

'France 24' amongst French media to stop publishing jihadists' photos

Read more

THE DEBATE

Church attack aftermath - France's political fallout: who stands to benefit?

Read more

MIDDLE EAST MATTERS

Safety at any cost in Israel

Read more

ENCORE!

Film show: ‘Genius’, ‘The Secret Life of Pets’ and ‘Endless Summer’

Read more

FOCUS

Europe struggles to crack down on weapons trafficking

Read more

IN THE PAPERS

France priest terror attack: Is Europe helpless?

Read more

BUSINESS DAILY

Another drop in iPhone sales, so why are Apple shares rising?

Read more

IN THE PAPERS

Horror in the church: Priest 'assassinated by barbarians'

Read more

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

COMMENT(S)