ABN Amro managers to receive double bonus

5th February 2009, Comments 0 comments

Around 500 managers who work for the bank ABN Amro will receive a double bonus this year.

THE HAGUE— The bank's personnel manager Robert Charlier told the newspaper de Volkskrant that the bonuses are for people who have more than one function at the bank. He said the bank decided to pay the 'retention bonuses' after it was taken over by a consortium of three banks. "We did this at the request of the Dutch central bank and the consortium. It was done to ensure that the important people remain within the firm."

Finance Minister Wouter Bos says he will respect the decision to pay managers a double bonus since it was made before ABN Amro was taken over by the state. In 2007, managers at ABN Amro received two billion euros in bonuses, around 20,000 euros per person. The bank's employee council is angry that most of the bonuses are being paid to senior managers "who are in part responsible for the problems which the bank has encountered the past few years.”

Radio Netherlands/Expatica

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