SocGen seeks to pay bankers bonuses up to double their salaries

PARIS Mon Mar 17, 2014 7:13pm EDT

French bank Societe Generale logo is seen on the facade of a building in Paris, November 7, 2013. REUTERS/ Jacky Naegelen

French bank Societe Generale logo is seen on the facade of a building in Paris, November 7, 2013.

Credit: Reuters/ Jacky Naegelen

PARIS (Reuters) - 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.

Chief Executive Officer Frederic Oudea said last month the bonus pool would be down for 2013, after a 445.9 million euro fine over attempted rigging of the Euribor benchmark rate wiped out investment banking profits in the quarter.

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.

However, HSBC (HSBA.L), Lloyds (LLOY.L) and Barclays (BARC.L) are all considering giving top staff monthly or quarterly allowances to boost fixed pay.

(Reporting by Lionel Laurent, Leila Abboud and Maya Nikolaeva; Editing by Cynthia Osterman)

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