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French bankers agree to curbs on bonuses

 French President Nicolas Sarkozy, foreground, with Junior Minister for Veterans' affairs Hubert Falco, attends a ceremony at the Paris prefecture, Tu...
 French President Nicolas Sarkozy, left, and Senate chairman Gerard Larcher, attend a ceremony at the Paris prefecture, Tuesday  Aug. 25, 2009 in Pari...

FRANCE SARKOZY WWII

French President Nicolas Sarkozy, foreground, with Junior Minister for Veterans' affairs Hubert Falco, attends a ceremony at the Paris prefecture, Tu...

FRANCE SARKOZY WWII

French President Nicolas Sarkozy, left, and Senate chairman Gerard Larcher, attend a ceremony at the Paris prefecture, Tuesday Aug. 25, 2009 in Pari...

France's leading banks have agreed to curbs on the way they award bonuses, including penalties for traders who lose money for their companies.
The announcement comes amid a push by President Nicolas Sarkozy for worldwide limits on bonus payouts at the Group of 20 summit next month in Pittsburgh.
Baudoin Prot, chief executive of France's largest bank BNP Paribas, says heads of six banks meeting with Sarkozy on Tuesday agreed to spread compensation out over several years, reflecting long-term profits and reducing risky decision-making.
He says they would also include a so-called "malus" element, penalizing traders who lose money for their banks, without elaborating.
He stressed "this has to be applied internationally" to keep French banks competitive.


Updated : 2021-01-21 13:37 GMT+08:00