By Albertina Torsoli
Jan. 17 (Bloomberg) -- BNP Paribas SA said Chairman Michel Pebereau and Chief Executive Officer Baudouin Prot will give up their bonuses for 2008 because of lower full-year profit linked to the global financial meltdown.
The company “always exercises a responsible remuneration policy,” BNP spokesman Jonathan Mullen in Paris said in a telephone interview today. The decision was made “in line with our policy,” he added.
The executives bowed to pressure from French President Nicolas Sarkozy, who wants banks to limit bonuses and dividends as he plans a second round of aid for the finance industry amid a deepening recession, Le Figaro reported earlier.
The Paris-based bank will post a 2008 profit of about 3 billion euros ($3.98 billion), Le Figaro said. Mullen declined to comment on the newspaper’s report.
BNP Paribas will be releasing full-year results Feb. 19.
To contact the reporter on this story: Albertina Torsoli in Paris at atorsoli@bloomberg.net
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