SocGen cuts CEO’s 2011 bonus by 43%

Societe Generale SA cut its chief executive’s bonus by 43% in 2011, a year in which the French bank’s net profit fell sharply amid the European debt crisis.

Frederic Oudea’s bonus last year was EUR682,770, compared with EUR1.20 million in 2010, according to a regulatory filing. The bonus will be paid in stock over the next three years, it added.

Oudea’s salary in 2012, along with that of his three deputy chief executives, was also frozen. Oudea’s salary was EUR1 million in 2011.

Societe Generale, France’s second-largest bank by market capitalization, is in the midst of a restructuring to increase its capital buffers to reassure nervous investors and meet stringent new European rules for banks.

The company’s shares have lost more than 40% of their value since July 1 last year