Societe Generale to pay traders 250m euros
Societe Generale, hit by a big trading fraud scandal two years ago, on Thursday defended the payment of at least 250 million euros (340 million dollars) in bonuses to traders this year as it reported a two thirds cut in profits.
The bank announced 2009 net earnings of 678 million euros (920 million dollars), a third of the figure the previous year.
But Societe Generale chairman Frederic Oudea rejected criticism of bonuses, while announcing that he was foregoing his own bonus and stock benefits.
