No bonuses for Fortis top managers

17th March 2009, Comments 0 comments

Like their board of directors, 30 top level managers will not receive their bonus payments.

THE NETHERLANDS – Top level managers of Fortis Bank Netherlands will not be receiving their bonus payments, announces the bank.

The Financieele Dagblad daily reports that about 30 top level managers below the board of directors will not be receiving their bonus payments.

Fortis Bank is the second Dutch government-supported banks, after SNS Reaal Bank, to end bonuses for the higher echelons. The bonuses of Fortis’ Board of Directors were scrapped recently.

The measure was prompted by the public debate about bonus systems at government-supported banks, according to a Fortis spokesperson.

Sources in the financial industry say Fortis Bank Netherlands managers stood to receive up to 100 percent of their basic annual salary, between EUR 130,000 and EUR 220,000 for last year’s bonuses.

AFP / Expatica

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