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SocieteGenerale (SCGLY) Likely to Slash 2020 Bonus Pool by 20%
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The 2020 bonus pool of SocieteGenerale (SCGLY - Free Report) is less likely to be impressive. People familiar with the matter are indicating around a 20% cut at its investment bank due to the poor performance of the trading unit last year, which resulted in its first loss in the past 30 years. The news was reported by Bloomberg.
Payouts are being trimmed by an average of 15% across the firm. SocieteGenerale’s markets unit, which witnessed a net loss in the previous year, reported gigantic pay reductions, with some equity derivatives traders seeing more than an 80% bonus slash. The bank’s conventionally-sound equity trading unit reported a 49% slump in the past year’s revenues.
Due to the pandemic-induced mayhem, the banking authorities suggested firms to be more prudent with their distribution policies, including variable remuneration. Also, these companies were urged to use capital for ensuring continued financing to the economy.
SocieteGenerale’s payout contractions are presumably to be the most deep-seated amongst its peers, which, on the contrary, had made big bucks on the pandemic market swings to report trading and deal-making profits.
Shares of SocieteGenerale have rallied 56.8% over the past six months, outperforming the industry’s growth of 34.7%.
Plans of other Wall Street banks for 2020 bonuses have also come into light. UBS Group AG (UBS - Free Report) increased its investment banking staff’s bonus pool by 20% after a rise in trading revenues.
Credit Suisse Group , however, struggled with legal hits and trimmed its bonus pool by 7%.
Another Wall Street biggie, Citigroup Inc. (C - Free Report) kept its pool flat for equities, while accelerating it for bond traders by at least 10%.
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SocieteGenerale (SCGLY) Likely to Slash 2020 Bonus Pool by 20%
The 2020 bonus pool of SocieteGenerale (SCGLY - Free Report) is less likely to be impressive. People familiar with the matter are indicating around a 20% cut at its investment bank due to the poor performance of the trading unit last year, which resulted in its first loss in the past 30 years. The news was reported by Bloomberg.
Payouts are being trimmed by an average of 15% across the firm. SocieteGenerale’s markets unit, which witnessed a net loss in the previous year, reported gigantic pay reductions, with some equity derivatives traders seeing more than an 80% bonus slash. The bank’s conventionally-sound equity trading unit reported a 49% slump in the past year’s revenues.
Due to the pandemic-induced mayhem, the banking authorities suggested firms to be more prudent with their distribution policies, including variable remuneration. Also, these companies were urged to use capital for ensuring continued financing to the economy.
SocieteGenerale’s payout contractions are presumably to be the most deep-seated amongst its peers, which, on the contrary, had made big bucks on the pandemic market swings to report trading and deal-making profits.
Shares of SocieteGenerale have rallied 56.8% over the past six months, outperforming the industry’s growth of 34.7%.
Currently, SocieteGenerale carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Bonus Plans of Other Banks
Plans of other Wall Street banks for 2020 bonuses have also come into light. UBS Group AG (UBS - Free Report) increased its investment banking staff’s bonus pool by 20% after a rise in trading revenues.
Credit Suisse Group , however, struggled with legal hits and trimmed its bonus pool by 7%.
Another Wall Street biggie, Citigroup Inc. (C - Free Report) kept its pool flat for equities, while accelerating it for bond traders by at least 10%.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
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