Low-profile bonuses awarded at Fortis after the nationalization of the bank on October 4, is causing a scandal in the Netherlands. The existence of these bonuses was revealed on October 21 by the De Volkskrant daily and then confirmed by Fortis. (Ref. 080820)
The bank’s managers explained that they
wanted to go fast so the supervisory staff, of which the skills are deemed
essential, wouldn’t go look for a job elsewhere. The amounts haven’t been
revealed, but they remain “limited” according to the management, which is going to talk
things through with Wouter Bos, the Finance Minister. The bonus issue is even
more delicate since Wouter Bos, who is also the leader of the Labor Party, is
using the crisis to undertake an all-out moralization in the Nethe
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