Lunchtime Links: Pay isn't great at SocGen either
Following the announcement of BNP Paribas' bonus plans yesterday, SocGen has put forward its own intentions along with its fourth quarter results today.
They don't look particularly edifying for SocGen's corporate and investment bankers: although revenues in the CIB leapt 4.5 times, costs in the bank rose a mere 13%.
SocGen's bonus pool also looks modest. An unspecified number of 'traders' at the corporate and investment bank can expect to receive €250m now and €300m in future. This compares to the €500m paid to 4,000 traders at BNP this year, and the €500m put aside for BNP's traders in the future. Headcount at SocGen's corporate and investment bank is only 70% that of BNP's. If it also has 70% the number of traders that BNP has, it will be paying each one 20% less.
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