If you work for a French bank, it's usually the case that you'll earn less than if you work for a U.S. bank. Newly released accounts for Societe Generale International Limited in 2019 show how much the bank pays its (predominantly) back office staff.*
Last year, Societe Generale International Ltd. employed 435 people in the City, a fraction of its 2,500 total staff in London (SocGen doesn't release accounts for its whole UK business). The average combined salary and cash bonus at the unit was $168k (£128k/€141k).
SocGen International's low average pay is the result of the structure of the London workforce at the entity. In 2019, 75% of SocGen International's London staff worked in support functions, with only 23% in front office roles and 2% in management positions. By comparison, 75% of staff at Goldman Sachs International in London (where pay averaged $509k (£387k) last year) are in higher paying front office roles.
Front office salespeople, traders and bankers earn more. Across the French bank globally 460 "regulated individuals" (typically traders and managing directors) in the corporate and investment bank earned an average of €665k ($787k) last year in 2019.
*This article has been updated to reflect the fact that Societe Generale International Ltd. is a small proportion of SocGen's UK business.
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