Bonus Watch '14: Société Générale - Dealbreaker

Bonus Watch '14: Société Générale

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The French aren't too worried about your so-called bonus caps.

France's No. 2 listed bank, Societe Generale, said it will ask shareholders for permission to pay some staff bonuses worth up to double their salaries, in accordance with the European Union cap on bonuses. SocGen disclosed on Monday a 299.8 million-euro compensation pool in 2013 for management, traders and employees whose activities have a material impact on the risk profile of the bank...From next year bankers' bonuses in the 28-country EU can be no higher than their salaries or twice that amount if a bank's shareholders give their approval.

SocGen seeks to pay bankers bonuses up to double their salaries [Reuters]

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Bonus Watch '12: Société Générale

The French bank has some very angry little mistmakers on its hands. "Societe Generale paid their 1st year investment banking analysts between 15k-50k in bonuses. Most juniors were furious, especially since this is 20-40% lower than Street. The firm is continually declining in the Americas within investment banking, and has reduced tremendous headcount over the past year. It relies heavily on trading revenues from derivatives, with very little resources dedicated to M&A, ECM, and DCM. In a period where other banks are cutting operations in the US, SocGen leads the pack in decline. In February 2012 head of CIB, Didier Valet, said that the firm would not compete with bulge brackets. Regardless of these negatives, SocGen continues to say that it is a top investment banking player. They are not, and juniors on Wall Street should know before entering into this trap."