By Lionel Laurent
PARIS, March 21 (Reuters) - BNP Paribas SA and Credit Agricole SA, two of France's top listed banks, have awarded their chief executives 2010 bonuses of 1.67 million euros ($2.37 million) and 916,000 euros, respectively, as pay levels recover.
But French bank pay packages are still far behind those of British bank Barclays Plc, Germany's Deutsche Bank AG and even state-owned Royal Bank of Scotland Group Plc.
BNP CEO Baudouin Prot, one of the few bank chiefs to have kept his position throughout the crisis, will receive 60 percent of his 1.67 million-euro bonus, or 1 million, as a deferred payment between 2012 and 2014, the bank said on its website.
The bonus takes Prot's total compensation for 2010 to 2.7 million euros, including salary and other payments disclosed in regulatory filings.
Although this is 10 percent more than Prot got for 2009, it pales in comparison with the 6.5 million pounds ($10.58 million) bonus given to Barclays CEO Bob Diamond or the potential 7.7 million pound package lined up for RBS' Stephen Hester.
It may also turn out to be lower than arch-rival Societe Generale, where CEO Frederic Oudea was set to receive total 2010 compensation of 4.4 million euros, including a first cash component of 1.75 million and a second deferred payout of cash and shares worth 2.65 million at Monday's closing price.
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TAKE A LOOK on bank bonuses
FACTBOX on bank pay
Graphic on bank bonuses http://r.reuters.com/juf87r
Breakingviews-Creeping back to bad old days
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Credit Agricole said in a regulatory filing it awarded new CEO Jean-Paul Chifflet a 2010 bonus of 916,000 euros, of which 550,000 euros would be paid in stock and deferred over three years. Total compensation was 1.8 million.
Chifflet took over as head of France's third-biggest bank in March and promised to return it to its low-risk, domestic roots after a catastrophic growth spree in investment banking and international retail in the mid-2000s.
Both BNP and Credit Agricole said they were not awarding stock options or performance shares to executive directors.
BNP's Chief operating officer Jean-Laurent Bonnafe, widely tipped to be the bank's next CEO, was awarded total compensation of 2.24 million euros for 2010.
Chairman Michel Pebereau, who is expected to announce his retirement next year when he turns 70, was awarded 1.4 million euros, while Deputy CEO Georges Chodron de Courcel earned 1.8 million.
The shares of BNP, France's biggest listed bank with a market value of 62.3 billion euros, dropped nearly 15 percent in 2010, worse than an 11 percent fall for the STOXX Europe 600 bank index. Credit Agricole fell 23 percent in 2010.
(Reporting by Lionel Laurent; editing by Christian Plumb, Dan Lalor and Andre Grenon)
($1=.7049 Euro)
($1=.6143 Pound) Keywords: BNPPARIBAS/
COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
PARIS, March 21 (Reuters) - BNP Paribas SA and Credit Agricole SA, two of France's top listed banks, have awarded their chief executives 2010 bonuses of 1.67 million euros ($2.37 million) and 916,000 euros, respectively, as pay levels recover.
But French bank pay packages are still far behind those of British bank Barclays Plc, Germany's Deutsche Bank AG and even state-owned Royal Bank of Scotland Group Plc.
BNP CEO Baudouin Prot, one of the few bank chiefs to have kept his position throughout the crisis, will receive 60 percent of his 1.67 million-euro bonus, or 1 million, as a deferred payment between 2012 and 2014, the bank said on its website.
The bonus takes Prot's total compensation for 2010 to 2.7 million euros, including salary and other payments disclosed in regulatory filings.
Although this is 10 percent more than Prot got for 2009, it pales in comparison with the 6.5 million pounds ($10.58 million) bonus given to Barclays CEO Bob Diamond or the potential 7.7 million pound package lined up for RBS' Stephen Hester.
It may also turn out to be lower than arch-rival Societe Generale, where CEO Frederic Oudea was set to receive total 2010 compensation of 4.4 million euros, including a first cash component of 1.75 million and a second deferred payout of cash and shares worth 2.65 million at Monday's closing price.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
TAKE A LOOK on bank bonuses
FACTBOX on bank pay
Graphic on bank bonuses http://r.reuters.com/juf87r
Breakingviews-Creeping back to bad old days
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Credit Agricole said in a regulatory filing it awarded new CEO Jean-Paul Chifflet a 2010 bonus of 916,000 euros, of which 550,000 euros would be paid in stock and deferred over three years. Total compensation was 1.8 million.
Chifflet took over as head of France's third-biggest bank in March and promised to return it to its low-risk, domestic roots after a catastrophic growth spree in investment banking and international retail in the mid-2000s.
Both BNP and Credit Agricole said they were not awarding stock options or performance shares to executive directors.
BNP's Chief operating officer Jean-Laurent Bonnafe, widely tipped to be the bank's next CEO, was awarded total compensation of 2.24 million euros for 2010.
Chairman Michel Pebereau, who is expected to announce his retirement next year when he turns 70, was awarded 1.4 million euros, while Deputy CEO Georges Chodron de Courcel earned 1.8 million.
The shares of BNP, France's biggest listed bank with a market value of 62.3 billion euros, dropped nearly 15 percent in 2010, worse than an 11 percent fall for the STOXX Europe 600 bank index. Credit Agricole fell 23 percent in 2010.
(Reporting by Lionel Laurent; editing by Christian Plumb, Dan Lalor and Andre Grenon)
($1=.7049 Euro)
($1=.6143 Pound) Keywords: BNPPARIBAS/
COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.