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(From Israel Business Arena)
Byline: Dafna Zucker
Sources inform "Globes" that First International Bank of Israel (TASE: FTIN1;FTIN5) decided today on a formula for calculating its employees' bonuses in 2005. The formula is based on the bank's return on equity for the year.
Management has decided that in any year in which the bank's return on equity is 9-10%, employees will receive an aggregate NIS 15 million bonus. If return on equity is over 10%, the bonus will be doubled. No bonus will be paid if return on equity is below 9%.
Any bonuses paid will be shared by all employees, both clerks and managers, according to salary level, except …