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Bonus Watch '12: BNP Paribas

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Employees are said to be 1) not happy and 2) on to management's games.

"Paris headquarters mandated US fixed income managers had to give zeros to 40% of the group. As a result, "juniors" (all first, all second, some 3rd year analysts AND associates) all got zeros. Since BNP Fixed Income is still very top heavy, the analysts and associates accounted for well below 40%. In other words, many senior people in the bank got zeros as well.

Bonus day was moved to March 2nd and while BNP historically is late (mid-February last year), most employees think HQ had anticipated zeros since end of 2011 and thus pushed back the date so much so that any available jobs will be gone by the time BNPers start looking."


Bonus Watch '12: BNP Paribas Employees Have More Grievances To Air

From the front lines: "Your BNP bonus story from earlier today missed the part that has BNP employees really rattled. The 4th and final deferred payment of the 2008 "retention bonus" was not paid out. It covered most employees who were here in 2008 and was pulled back because the bank fixed income department didn't cover ROE target. We were told on Feb 22 that we did not reach the 14.5 % target. ROE calculations are not clean and employees (including Sr. Management) asked to see exactly what was included in the calculation. The bank refused. Despite frequent attempts they're adamant about not releasing ROE calculations and acknowledged that we had 2.8 BB € write down on Greece. The CMIP plan covered hundreds of BNP employees. Clawbacks make sense but it's never happened on such a wide scale with so little information. What does 2008 comp have to do with the 2012 European crisis? Absolutely was like stealing."