(Bloomberg) -- BNP Paribas SA raised the bonus pool for its top investment bankers last year after the employees' unit posted revenue gains on increased market volatility.
The variable compensation pool for what it calls “material risk takers” at its investment banking operation rose 14% to €504.3 million ($550 million), according to a filing Friday. Since the number of such bankers slightly declined from a year earlier, the average bonus rose about 18%.
The increase is roughly in line with the 16% revenue increase at the unit last year. The gains were driven by BNP's trading division, which gained 27%, while the global banking unit posted a 2.6% gain.
The number of employees across BNP earning more than €1 million jumped 26% from a year earlier to 369.
European banks have varied widely in their compensation policies after mixed results in 2022. UBS Group cut its bonus pool by 10%, while Credit Agricole SA raised the one for its investment bankers by 10%, though extensive hiring meant the average bonus remained flat. Deutsche Bank AG kept its bonus pool little changed.
Italy's UniCredit SpA is one of the few exceptions, raising variable compensation by 20% after beating expectations and increasing shareholder returns, Bloomberg has reported.
BNP Paribas's variable pay pool for material risk takers across the bank also rose, though at a slower pace, gaining about 8% to €593.2 million.
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