As France struggles to resuscitate its moribund economy and squelch record unemployment, the bosses of its biggest banks have given themselves millions in euros worth of raises since last year. And Economy Minister Arnaud Montbourg is incensed.
Crédit Agricole’s boss Jean-Paul Chifflet is making €2.14 million, a jump of about 38.8 percent over last year. The boss at BNP, Jean-Laurent Bonnafé is pulling in €3.44 million, up by 8.1 percent from the previous year. While Société Générale’s chief Frédéric Oudéa is earning €2.7 million or 8.5 percent more than last year, French daily Le Parisien reported.
The millions in pay hikes prompted Montbourg to tell the Senate on Thursday he’s decided to invite the CEO’s to a “little meeting” where they will "explain themselves" on the topic of the “indecent” jump in their salaries, Le Parisien reported.
“We’re going to have to talk about all this with the banking industry,” Montbourg told lawmakers. “We cannot have a defective banking system and remuneration that soars to, in our view, disproportionate levels.”
No word yet from the banks on whether they consider the salaries indecent or if they’ll attend the gathering. However, the banks are not government-owned institutions and go pay their bosses what they wish. Full story...
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Crédit Agricole’s boss Jean-Paul Chifflet is making €2.14 million, a jump of about 38.8 percent over last year. The boss at BNP, Jean-Laurent Bonnafé is pulling in €3.44 million, up by 8.1 percent from the previous year. While Société Générale’s chief Frédéric Oudéa is earning €2.7 million or 8.5 percent more than last year, French daily Le Parisien reported.
The millions in pay hikes prompted Montbourg to tell the Senate on Thursday he’s decided to invite the CEO’s to a “little meeting” where they will "explain themselves" on the topic of the “indecent” jump in their salaries, Le Parisien reported.
“We’re going to have to talk about all this with the banking industry,” Montbourg told lawmakers. “We cannot have a defective banking system and remuneration that soars to, in our view, disproportionate levels.”
No word yet from the banks on whether they consider the salaries indecent or if they’ll attend the gathering. However, the banks are not government-owned institutions and go pay their bosses what they wish. Full story...
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