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City showdown likely as Treasury seizes control of RBS bonus pool

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Alistair Darling was heading for a clash with the City’s biggest institutional shareholders last night after the Treasury seized control of the bonus pool at Royal Bank of Scotland. Institutional investors raised concerns about RBS’s ability to compete with rivals after the Treasury demanded the right of veto over both the size and terms of bonus payments for thousands of its bankers.

 

RBS, 70 per cent owned by the taxpayer, would normally set bonus levels at the end of the year. It employs about 20,000 staff in its global banking and markets division, which has had a record year trading in bonds, interest rates and currencies. Last year, it earmarked an estimated £1 billion in payouts for staff. However, in an unprecedented political intervention, the Treasury has demanded the right to dictate both the “quantum and shape” of bonuses at RBS for 2009. Amid worries about a public backlash on pay, it has already forced RBS to agree to pay bonuses in shares rather than cash and to stagger payouts over three years.

 

More:

 

City showdown likely as Treasury seizes control of RBS bonus pool - Times Online


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Mwah ah ah. Too little too late, but mwah ah ah. :razz:

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Think the Treas are the least of their worries, now Europe are going to be putting controls on the London financials

 

Chap on Radio 4 this morning might as well have been shouting "run for the hills, the Europeans are coming!"

 

:D


omnia praesumuntur legitime facta donec probetur in contrarium

 

 

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And people thought Europe was no good! :-D

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