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Schumpeter Reincarnate

Joined: 16 Feb 2007
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Location: Maryland

Bonus time at RBS
PostPosted: Fri Feb 24, 2012 1:29 pm Reply with quoteBack to top

RBS to Dole Out £400 million In Bonuses Despite Full Year Loss Forecast

February 23, 2012 4:02 AM GMT
(Reuters) – State-owned Royal Bank of Scotland is expected to pay out up to 400 million pounds in bonuses to its corporate banking staff as it gets ready to unveil a full-year loss forecast at up to 1.2 billion pounds on Thursday.

The move is expected to increase anger that the bank is still paying large salaries while thousands, including more than 30,000 layoffs at the bank in the last three years, lose their jobs in a weakening global economy.

RBS, 82 percent owned by the government after it was rescued during the 2008 financial crisis, is also in the firing line over high awards to staff as British taxpayers sit on a 21 billion pounds paper loss on the 45 billion pounds pumped into the bank.

The bank is likely to at least halve the bonus pool for its investment bankers from the 950 million pounds awarded for 2010, people familiar with the matter have said.

Sky News said on Wednesday the bonus pool will be between 390-400 million pounds.

The chairman and chief executive of RBS waived their bonuses this month after politicians from all of Britain’s major parties called on them to refuse the awards.

RBS’s investment banking income has been hit hard by the euro zone debt crisis and it plans to substantially shrink the business after the government said it should focus more on retail banking. It will cut another 3,500 investment banking jobs.

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