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15-05-2023, 01:42 PM
May 15, 20231:18 PM GMT+8Last Updated 21 min ago
By Dmitry Zhdannikov, Marwa Rashad and Christoph Steitz
LONDON/FRANKFURT, May 15 (Reuters) - German energy firms Sefe and Uniper (UN01.DE) have awarded some traders millions of dollars in bonuses for 2022, four sources familiar with the matter said, just months after the companies were rescued with multi-billion bailouts as Russia halted gas supplies.
Germany has so far provided around 26 billion euros ($28.6 billion) in equity injections and loans to Sefe and Uniper after they incurred record losses purchasing natural gas cargoes at record prices to replace lost supply from Russia - Germany's top gas supplier before the invasion of Ukraine.
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One of the sources said 200 of Sefe's traders in London had received hundreds of millions of dollars in bonuses, adding mid-level traders had received $5 million-$7 million each. Two of the other people said that generous subsidies had been paid at both Sefe and Uniper.
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Traders are often remunerated based on a percentage of the profit they make on their trading book and it is not unusual for them to make more than a company chief executive.
https://www.reuters.com/markets/europe/n...023-05-15/
By Dmitry Zhdannikov, Marwa Rashad and Christoph Steitz
LONDON/FRANKFURT, May 15 (Reuters) - German energy firms Sefe and Uniper (UN01.DE) have awarded some traders millions of dollars in bonuses for 2022, four sources familiar with the matter said, just months after the companies were rescued with multi-billion bailouts as Russia halted gas supplies.
Germany has so far provided around 26 billion euros ($28.6 billion) in equity injections and loans to Sefe and Uniper after they incurred record losses purchasing natural gas cargoes at record prices to replace lost supply from Russia - Germany's top gas supplier before the invasion of Ukraine.
......
One of the sources said 200 of Sefe's traders in London had received hundreds of millions of dollars in bonuses, adding mid-level traders had received $5 million-$7 million each. Two of the other people said that generous subsidies had been paid at both Sefe and Uniper.
......
Traders are often remunerated based on a percentage of the profit they make on their trading book and it is not unusual for them to make more than a company chief executive.
https://www.reuters.com/markets/europe/n...023-05-15/
