The 2 main French commercial banks, BNP Paribas and Socit Generale, recorded a sharp increase in the number of their employees in 2021, exceeding one million euros in annual revenue.
111 at Socit Gnrale, 292 at BNP Paribas: you have to go back to the mid-2010s to find as many salaries exceeding one million euros in revenue in the two banking groups. These figures have increased sharply compared to 2021, reports the daily The echoes. The number of millionaire bankers has doubled, in particular, Socit Generale (44 in 2020), whose general manager, Frdric Ouda, has seen his annual remuneration increase by 34%, to 3 million euros.
Who is affected, other than senior executives? Certainly not, of course, your adviser in the agency around the corner. These compensation levels are intended for risk-taking employees, those who invest in the markets. Most work abroad, in the world’s main financial centers: only 48 at Socit Generale and 58 at BNP Paribas are based in France.
31 billion euros in profits
In 2021, they took advantage of the excellent russian year by their employers. The 5 main French banking groups — in addition to BNP Paribas and Socit Gnrale, Crdit Agricole, Crdit Mutuel and BPCE — posted a combined profit of more than 31 billion euros. The envelope of bonuses paid by Socit Generale and BNP Paribas has thus never been so high: 197.3 million euros for the first, shared between 569 employees; 549.6 million for the second, for 1214 people.
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These historic results for the senior executives and traders of the two French banks come in a much less favorable financial context than last year. Societe Generale, particularly exposed to the upheavals underway in Eastern Europe, has already announced a negative impact of 3.1 billion euros on its accounts, following its withdrawal from the Russian market.