Bank bonuses bounce back

Back in February, France's banks were proud to respond to the financial crisis by adopting a code of conduct advocated by the European Union and the G20. It included such provisions as a ban on guaranteed bonuses, bonus clawbacks in the event of losses, and taking into account the final performance of positions etc. However, such austerity measures did not last long. In the wake of a report in Libération, which reveals that BNP Paribas is planning to pay one billion euros in bonuses to its 17,000 staff, Les Echosleads with the headline: "The return to profitability relaunches banking bonus debate." The French bank has defended its initiative, arguing that this type of remuneration is necessary if it is to avoid losing its traders to other financial markets. That is why discussions on the question of bonuses must be conducted on an international level. Les Echosemphasizesthat it is up to governments to determine the new rules of the game. "The question, which will play a key role in the future of finance, is on the agenda for the next G20 summit to be held at the end of September in Pittsburgh."