BNP Paribas Says It Cut Its 2011 Bonus Pool by 52%

BNP Paribas SA (BNP), France’s largest bank, said it reduced its 2011 bonus pool for traders and other employees holding risk-related positions to 488.7 million euros ($638 million), a 52 percent decline from a year earlier, according to an update to the bank’s annual report.

The 2011 bonus pool was for 3,479 employees, mostly at the corporate- and investment-banking unit, BNP Paribas said on its website. Chief Executive Officer Jean-Laurent Bonnafe said in February that the bank cut its bonus pool for last year by half.

To contact the editor responsible for this story: Fabio Benedetti-Valentini at fabiobv@bloomberg.net

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