BNP cuts payouts as Europe's banks suffer bonus ire

Equity and advisory businesses at CIB were hit hard in the fourth quarter, but fixed income held up well and the financing units posted record revenues.

Analysts said there was good cost control in CIB, aided by the bonus cut. BNP said it aimed to shave another 5 percent off CIB costs -- excluding bonuses -- in 2009.

The bank said in December it could cut 700 jobs at CIB, or 5 percent of the division's staff, as part of a restructuring that would also reduce its market risk and bonds inventories.

CIB performed well in January, the bank said.

"The corporate and investment banking unit should return to profitability in 2009, writedowns on risky assets should decline," WestLB analyst Christoph Bossmann said in a note.

BNP said on Wednesday the heads of its asset management and CIB businesses would swap jobs to give them "a fresh eye" on the businesses.

Below are 2008 bonus cuts at European banks:

* Barclays: a 48 percent fall across the bank and a drop of more than 50 percent at the investment banking arm.