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President Sarkozy confronts banking execs over bonuses

President Sarkozy confronts banking execs over bonuses

President Nicolas Sarkozy was to confront Paris bank executives Tuesday in a bid to convince French taxpayers and his fellow G-20 leaders he is serious about cracking down on traders' bonuses.
The meeting was to be Sarkozy's first major engagement after coming back from holiday, and his seventh banking summit in a year of fraught relations with the financial sector following last summer's credit crunch.
The talks, due at 4.00 p.m. (local time) at the Elysee Palace in Paris, were also seen as a chance for him to affirm his status as a champion of regulation ahead of next month's G-20 summit of leading economic powers.
"It's absolutely vital that all well-established international banks control their variable remunerations, which are often indecent, incomprehensible for others," said budget minister Eric Woerth.
"That creates a strong feeling of injustice," Woerth told the I-Tele news network, adding that Sarkozy would take up the matter with the bankers.


Updated : 2021-06-20 12:39 GMT+08:00