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BNP Paribas's bonuses for its high earners fell only 10% last year

French bank BNP Paribas paid the 877 highest earners in its corporate and investment bank a total of €1.1m ($1.2m) each last year, down from €1.2m in 2022. 

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BNP released its 2023 pay figures in its compensation report, which came out last week. The bank spent €541m on total bonuses for the material risk-takers in its corporate and investment bank in 2023, up from €504m in 2022. 

However, the number of material risk-takers at the bank rose by 19% over the same period, meaning that individual bonuses fell 10% to an average of €617k each.

 

BNP Paribas defines its material risk-takers (MRTs) as including: people who can initiate transactions exceeding 5% of the group's VaR limit; people who can directly approve or reject this size of transaction; managers whose employees can approve or these transactions; the highest 0.3% of earners at the bank; anyone earning more than €750k; and people earning more than the midpoint between €500k and average total remuneration of members of the management body and senior management combined.

Although average total compensation for MRTs fell last year, it was still higher than during the years prior to the pandemic. A decline of 10% doesn't seem too bad: the French bank was generally expected to pay poor bonuses after revenues in its fixed income trading business fell 13% year-on-year in the fourth quarter. 

In total, 376 people across all BNP Paribas businesses earned more than €1m in 2023, compared to 368 in 2022. However, the number of people earning over €3m declined from 29 to 24 over the same period.

BNP Paribas doesn't break out the total bonus pool for its investment bank, so we don't know how much it paid its people below the MRT rank. 

Bloomberg reported in March that BNP Paribas cut bonuses across its corporate and investment bank by 5% for last year. However, our own compensation survey, conducted earlier this year, suggested that bonuses fell by 10% across BNP Paribas as a whole. Most people there earn a lot less than MRTs, though: the average BNP Paribas bonus in our survey was $129k and average total compensation among our BNP respondents was $326k.

 

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AUTHORSarah Butcher Global Editor

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