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World Bank finance chief gives up bonus to please staff | World Bank finance chief gives up bonus to please staff |
(about 9 hours later) | |
The World Bank chief financial officer is giving up part of his bonus after an uproar over cost-cutting measures at the lender. | The World Bank chief financial officer is giving up part of his bonus after an uproar over cost-cutting measures at the lender. |
Bertrand Badre will decline the remainder of his $94,000 (£58,000) annual bonus, the bank said. | Bertrand Badre will decline the remainder of his $94,000 (£58,000) annual bonus, the bank said. |
The move was an attempt to appease staff, who were angry that he got a bonus while the bank was cutting jobs. | The move was an attempt to appease staff, who were angry that he got a bonus while the bank was cutting jobs. |
Mr Badre had pushed for much of the cutbacks at the organisation, which is being reorganised. | Mr Badre had pushed for much of the cutbacks at the organisation, which is being reorganised. |
World Bank president Jim Yong Kim reportedly made the announcement to applause during a staff meeting on Tuesday. | World Bank president Jim Yong Kim reportedly made the announcement to applause during a staff meeting on Tuesday. |
"Of course staff unease is natural and understandable in any large organisation undergoing such a large-scale realignment," World Bank spokesman David Theis told Reuters. | "Of course staff unease is natural and understandable in any large organisation undergoing such a large-scale realignment," World Bank spokesman David Theis told Reuters. |
"We believe we will come out of this process as a stronger, more unified organisation, better positioned to achieve our mission." | "We believe we will come out of this process as a stronger, more unified organisation, better positioned to achieve our mission." |
The poverty-fighting lender plans to cut $400m (£250m) from its budget by 2017 to allocate more funds for development projects. | |
According to the bank's annual report, Mr Badre was one of four executives who received a bonus; his annual salary is $397,000 (£250,000). |
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