France is pushing for a global crackdown on bankers’ bonuses
ON AUGUST 6th France’s prime minister, François Fillon, summoned the country’s most senior bankers for a scolding after it emerged that BNP Paribas, its biggest bank, had set aside €1 billion ($1.4 billion) for bonuses so far in 2009. Bonuses are back in vogue throughout the industry but are proving particularly contentious in France. The leader of the opposition Socialist Party said the bonus plan was scandalous and BNP’s lowest-paid employees protested outside its headquarters. France’s bank bosses will get another drubbing over pay in a meeting with the president, Nicolas Sarkozy, on August 25th.
BNP can justly claim to have been unfairly treated. Its bonus pool is small by comparison with sums recently announced by some foreign rivals.
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