ING cuts bonus pool.
BANKING AND CREDIT NEWS-March 8, 2019--ING cuts bonus pool
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Global Banking News - 08 March 2019
ING (ING.AS) has said that it has cut its bonus pool following a year of record fines.
The apex bank has cut its bonus pool by 25 percent.
The public's opposition to high pay for bankers is also believed to have prompted the firm to reduce its bonus levels. The lender paid out EUR303m in bonuses for 2018, down from EUR403m the year before. It had said earlier that it would cut the bonus of CEO Ralph Hamers following a EUR775m euro settlement.
Similar steps have been taken by other firms in Europe. Deutsche Bank AG (NYSE: DB) cut variable pay for 2018 by as much as 15 percent, while Credit Suisse Group AG (NYSE: CS) said that its bonus pool would more or less be flat. BNP Paribas SA (BNPP.PA) and Societe Generale SA (SOGN.PA) are also said to be considering bonus and pay cuts.
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