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Bonnafe’s Bonus Drops as US Fine Dents BNP’s Top Management Pay

BNP Paribas SA Chief Executive Officer Jean-Laurent Bonnafe saw his 2014 bonus cut by 24 percent as France’s largest bank reduced top-management variable payouts after a record U.S. fine almost wiped out annual profit.

Bonnafe, 53, received a 1.2 million-euro ($1.4 million) bonus for 2014, down from 1.58 million euros the previous year and below a 1.88 million-euro target, the bank said in a statement on its website, following a board meeting on Feb. 4. Bonnafe and co-Chief Operating Officer Philippe Bordenave are also forgoing deferred payments this year.