Societe Generale SA bankers who earned more than €1 million ($1.1 million) increased by almost a third in 2022, reflecting higher variable pay after volatility boosted performance.
(Bloomberg) — Societe Generale SA bankers who earned more than €1 million ($1.1 million) increased by almost a third in 2022, reflecting higher variable pay after volatility boosted performance.
The number of SocGen staffers in the category jumped 30% to 144, according to a filing Friday. At BNP Paribas SA, 369 bankers earned that much last year. Both banks are based in Paris.
SocGen also increased the variable-pay pool for “material risk takers,” a category that expanded last year, by 21% to €239.4 million. The bank’s average bonus increased by 12%.
European banks have varied widely in their compensation policies after mixed results in 2022. UBS Group cut its bonus pool by 10%, while Credit Agricole SA raised the one for its investment bankers by 10%, though extensive hiring meant the average bonus remained flat. Deutsche Bank AG kept its bonus pool little changed.
Italy’s UniCredit SpA is an exception, raising variable compensation by 20%. BNP Paribas raised the pool for its top investment bankers 14%.
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