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Bonuses at French bank fuel outrage

French public outrage over executive perks was fuelled on Friday by news that an ailing bank bailed out by the state is doling out 70 million euros...

Written by AFP | Paris | Published: March 28, 2009 12:13:24 am

French public outrage over executive perks was fuelled on Friday by news that an ailing bank bailed out by the state is doling out 70 million euros ($95 million) in bonuses to employees. Investment bank Natixis,which received two billion euros in government funds to help it survive the economic crisis,said the bonuses for 2008 will go to some 3,000 workers.

Natixis,a subsidiary of Caisse d’Epargne and Banque Populaire,currently being merged,last month reported a net loss of 2.8 billion euros for 2008 and is laying off 1,250 workers in France and in branches abroad. Natixis’ bonus announcement came a day after French president Nicolas Sarkozy’s chief of staff Claude Gueant said a government decree would be issued next week to ban stock options and bonuses at firms receiving help from the state.

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