Société Générale is cutting bonuses for traders in the firm's banking division 44% in a reckoning for a 39 percent fall on year-over-year profits.
The Telegraph's Harry Wilson reports SocGen chief Frédéric Oudéa attempted to soften the blow by saying a similar fate is befalling bankers at the firm's main rival.
“It will be a comparable fall [to BNP Paribas] for traders,” Oudea said in a press conference……
Read more: http://www.businessinsider.com/socgen-and-bnp-paribas-are-slicing-bonuses-in-half-2012-2
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