BNP Paribas paid high earners more than ever in 2022
It’s not a good year to be a banker – unless you’re at BNP Paribas.
The French bank’s annually released compensation report revealed that it paid 368 staff over a million euros for 2022, more than the blockbuster 2021 by quite some margin. It nearly “done made more millionaire than the lotto did,” to quote Jay-Z (the lotto made 375 millionaires in the UK in 2022).
'Material Risk Takers' is a European designation referring to staff whose activities have a “material risk impact on risk profile of the firm.” The are usually a bank's managing directors, senior dealmakers, shot callers, and highly bankrolled traders.
Not only is BNP paying way more people over €1m than before, it’s doing so across the board – unlike what we’ve seen at, say, HSBC or Deutsche Bank, where there were fewer people earning between €2m and €2.5m in 2022 compared to 2021, BNP paid more people over €1m across the board.
The 17% increase in average compensation for MRTs at BNP's Corporate and Investment Bank (CIB)’s was reasonably balanced between an 14% increase in fixed compensation and an 18% increase in variable compensation.
That’s pretty different to what we’ve seen at other banks – Deutsche Bank’s MRTs saw a slight increase in fixed compensation but a decline in variable compensation, whilst HSBC’s MRTs saw a decline in both. Standard Chartered’s MRTs, however, also grew on both counts.
Like Standard Chartered – and unlike both Deutsche and HSBC – the number of MRTs at BNP also decreased, from 766 to 735. There might be something to “quality over quantity,” after all – and it’s a big milestone for the bank’s open aim to be Europe’s premier finance house.
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