BCR top management salaries up 50% last year

The executives of BCR, the biggest bank on the market, last year took home total salaries worth 15.13m lei (3.53m euros), up over 50% from 2009.

In late 2010, the top management was made up of five members: the CEO, Dominique Bruynseels, and four vice-presidents- Wolfgang Schoiswohl (corporate), Oana Petrescu (retail), Helmuth Hintringer (financial) and Michael Beitz (risk). Except Oana Petrescu, BCR executives are expats, receiving specific compensation, and, according to market sources the CEO has a share of around one third of expenses related to management salaries.

At the same time, total salary expenses registered by the bank dropped by 4.5%, to 623m lei (14.5m euros), as headcount was cut by 700 people, to 8,020. BCR representatives chose not to comment on the data.

The 50% increase in management salary expenses is the more spectacular as BCR posted the weakest financial figures since it was taken over by Austria’s Erste, reporting a net income of just 13m euros in line with Romanian accounting standards, 174m euros respectively in IFRS.