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Row over French bankers’ bonuses
07.08.09
French bank chief executives were today meeting with the government in Paris to face a dressing down over bonuses.
As in the UK and US, public anger in the country has been riding high over the return of massive payouts for bankers blamed by many for the current economic crisis.
While Goldman Sachs's likely £500,000 average pay deals has sparked public fury here, in France concerns have been stoked by this week's news that BNP Paribas has set aside €1 billion (£854.5 million) for potential bonuses.
Prime minister François Fillon said: “Banks must respect the commitents they made towards society and towards the state, which last autumn gave them the means to overcome the financial crisis.”
At today's meeting, Fillon will urge banking executives to rein in pay, and tell central bankers to be vigilant when scrutinising bankers' bonuses.
France was the first government to enact rules to ban guaranteed bonuses for bankers at the height of the crisis last year.
The issue is high on the agendas of all the major economies ahead of the G20 summit in Pittsburgh next month.
