(Bloomberg) -- Credit Agricole SA increased the bonus pool for its corporate and investment bank by more than 10% after the unit bucked a trend of weaker revenue at many of its rivals last year.

Fixed-income traders, who outperformed peers throughout 2023, saw stronger gains than other teams in the unit, according to people familiar with the decision who asked for anonymity discussing internal matters. 

A spokesperson for the company declined to comment.

Read more: Europe’s Top Investment Banks Set to Cut Bonuses on Deal Slump

Led by Chief Executive Officer Philippe Brassac, Credit Agricole benefited over the past year from a broad diversification across countries and product offerings. Its lending business got a lift from a decision to expand in the interest-rate-sensitive Italian market over the past decade, while its traders largely bucked the slowdown at Wall Street.

The corporate and investment banking unit saw its underlying revenues rise about 7% last year, driven by the performance of its capital markets and investment banking business. The lender’s fixed-income traders managed to defy an industry-wide gloom, supported by strong demand in structured interest rate products, primary credit and securitisation.

The increase contrasts with expectations for smaller bonuses at other top European investment banks. Deutsche Bank AG, UBS Group AG and Societe Generale SA are expected to reduce the overall amount of variable compensation for last year, Bloomberg News has reported.

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