PARIS, March 24 Credit Agricole, France's
third-biggest listed bank, has awarded its chief executive a 19
percent increase in his bonus to 1.07 million euros ($1.47
million) for 2013 after the lender's profits recovered.
The bank reported 2013 net income of 2.5 billion euros and
proposed its first payout to shareholders since 2010, turning
the page on two straight years of losses marked by a painful
exit from Greece and a pullout from risky investment-banking
"The achievement of financial goals is above target," the
bank said in its annual report.
"Net banking income and revenues of Credit Agricole SA are
on the rise despite the economic context".
Credit Agricole said it had awarded CEO Jean-Paul Chifflet a
1.07 million-euro bonus, of which 642 million euros would be
paid in stock and deferred over three years, 321 million would
be in cash and the remaining 107 million would be in cash but
indexed to the share price performance up to September 2014.
European banks are under pressure to rein in pay, as
regulators and politicians say high bonuses encourage
risk-taking and contributed to the financial crisis.
From next year, bankers' bonuses in the 28-country European
Union can be no higher than their salaries or twice that amount
if a bank's shareholders give their approval.
Chifflet's fixed pay was flat at 900 million euros in 2013.
Chifflet's four deputy chief officers were awarded 1.820
million euros in total bonuses, representing a 10 to 20 percent
increase versus the previous year. The biggest pay rise was
given to Michel Mathieu, in charge of the bank's cost cutting
($1 = 0.7256 Euros)
(Reporting by Maya Nikolaeva; Editing by Mark Potter)