SocGen CEO's 2012 bonus rises 75 percent


Societe Generale Chief Executive Frederic Oudea's bonus rose 75 percent last year to 1.2 million euros ($1.56 million), even as France's No. 2 bank moved to cut costs and sell assets.

The disclosure follows a rise in pay for Jean-Laurent Bonnafe, the head of larger rival BNP Paribas , whose bonus rose more than 40 percent to 1.68 million euros in 2012 - his first full year as CEO of France's biggest listed bank.

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It is the latest sign that executive pay at top European banks is on the rise, despite lingering anger from investors and politicians over taxpayer-funded bailouts during the financial crisis.

BNP's net income rose 8.3 percent in 2012 to 6.55 billion euros, while SocGen's fell by two-thirds after it booked losses on operations in Russia and from selling assets.

Both SocGen and BNP have begun fresh cost-cutting plans as the weak euro zone economy threatens retail profits at home and tougher regulations squeeze corporate and investment banking.

French bankers' total pay packages are a pale shadow of the numbers seen abroad at banks such as Credit Suisse and Deutsche Bank , however.

BNP's Bonnafe was awarded 2.87 million euros in total pay for 2012 while SocGen's Oudea was awarded 2.2 million, up around one-third year-on-year in both cases.

Meanwhile, Deutsche Bank's co-CEOs each earned 4.9 million euros for 2012, while Credit Suisse CEO Brady Dougan was awarded 7.77 million Swiss francs ($8.12 million).

($1 = 0.7709 euros)

($1 = 0.9573 Swiss francs)

(Reporting by Lionel Laurent; Editing by Helen Massy-Beresford)