BNP Paribas chiefs lose bonuses

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BNP Paribas has slashed the bonuses for its top executives to reflect the impact of last year’s $8.9bn fine for US sanction violations that almost wiped out its annual profit.

The Financial Times reports that the move, announced after the market closed on Friday, is the latest sign of how the run-in with US regulators continues to reverberate at France’s biggest bank by assets.

BNP has already suffered the departure of several senior bankers and had its ability to clear US dollar transactions curtailed as a result of the fine.

Jean-Laurent Bonnafé, chief executive, had his annual bonus cut by about a third to €1.2m. He also had a long-term share scheme worth €883,565 cancelled and his potential award for a future five-year incentive scheme cut by 70%. In total he has suffered a €1.87m pay cut, but still took home €2.4m.

Hit the link below to access the complete Financial Times article:

BNP chiefs lose bonuses after $8.9bn fine

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