Bull Bear Report Feb 17 2011

BNP Paribas Adds Employees, Pays Them More in 2010

By julie steinberg

Compensation at French bank BNP Paribas increased by 6% per employee in 2010, while headcount grew by 1.8%.

The largest bank in the eurozone by deposits added 3,600 employees in 2010, increasing headcount to 205,300 at year's end, according to its fourth quarter earnings this morning.

The bank increased the amount of compensation it set aside to pay employees as well -- 15.1 billion euro in 2010 ($20.5 billion), compared to 14 billion in 2009, a 7.9% increase.

Average pay per employee rose 6% to 73,599 euro ($99,966) compared to 69,400 euro in 2009.

For the year, revenues reached 43.8 billion euro, a 9% increase from 40.2 billion in 2009. Net income increased to 7.8 billion euro for the year, up from 5.8 billion euro in 2009, a 34.5% increase. In the fourth quarter, net income rose to 1.55 billion euro ($2.1 billion) from 1.37 billion in the year earlier period, missing analyst expectations of 1.71 billion.

The bank failed to meet expectations due to an impairment charge on its stake in AXA, Europe's second biggest insurer. Still, higher revenue at the investment bank boosted profit, as did a drop in losses on bad loans. BNP said it would try to provide more advisory services for M&A in Europe and develop its M&A business in the U.S.

Write to Julie Steinberg

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