The CEO of the bank had promised this summer during a tour in the United States intended to raise the morale is low.
BNP Paribas will pamper its bankers, traders stars and shareholders their dividends and bonus side, despite a record fine in the United States, according to sources familiar with the matter.
The Director General Jean-Laurent Bonnafé made these promises in late July during a tour in the United States, priority of the bank intended to raise the morale is very low, according to two major bankers and other internal source .
According to these sources who requested anonymity, Jean-Laurent Bonnafé assured bankers and traders worried about their bonuses and stock options, the record fine imposed by the U.S. authorities would affect in any way.
In early July, the French bank fined 8.9 billion, equivalent to one and a half profits, for violations of the law on payments in dollars to countries subject to embargo.
457 million accrued
Contacted by AFP, BNP Paribas declined to comment on the visit of the Director General and has not explained whether the amount of the bonus would be equivalent or lower than last year.
"The business and our employees will be evaluated according to their performance during the year. This is the formula that has been used by the bank and we will follow again this year to assign variables compensation" simply replied AFP Cesaltine Gregorio, a spokeswoman for the hotel in New York.
Last year, BNP Paribas has set aside 457 million euros to spoil its best under variable compensation, according to the annual report. This amount was down 1.3% compared to 2012 (€ 463 million).
BNP Paribas also wants to pay a dividend at least equal to last year, according to the same sources. The French bank had allocated 1.50 per share for 2013, similar to 2012.
These promises came as discouragement wins U.S. employees of the bank, who resented the bad publicity generated by long months of difficult negotiations between their management and U.S. regulatory authorities.
"It seems to have made all transactions for Iran, Cuba and Sudan," said a disappointed AFP bankers.
On June 30, BNP pleaded guilty to having knowingly violated U.S. economic sanctions against those countries.
Its brokerage operations of oil and gas will no longer be paid in dollars from 1 January 2015 until 31 December 2015.
A pension fund suspends relations
To prevent the departure of talents, BNP has no choice but to play the card bonus especially to American bankers and traders, analysts said.
So far, the French institution has recorded no smashing start but bankers were approached by rival banks, according to internal sources.
Especially since the bank wants to extend to the United States in both the brokerage in corporate banking and investment priorities in its strategic plan 2016, as recalled by July 1 Mr. Bonnafé after the announcement of the fine.
These ambitions could be hindered by the disaffection of large customers, stung by the admission of guilt by the bank.
The pension fund Texas ERS, whose assets are estimated at more than $ 25 billion, just suspended its business relationship with BNP Paribas, said by email to AFP, his spokeswoman Mary Jane Wardlow.
ERS was also temporarily stopped doing business on May 21 with Credit Suisse, two days after the bank had recognized helvète helping wealthy Americans to evade taxes. The suspension was lifted on June 20
BNP Paribas expects a response from the U.S. Department of Labor in its waiver request made on June 30 to continue to pursue the lucrative business of asset management. According to a source close to the case, the process is expected to last six months.
