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RBS chiefs told to cut bonus pay by £500m

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Royal Bank of Scotland bosses have been told they must cut their planned bonus payouts by £500million. The Treasury has indicated that Chancellor Alistair Darling will not accept increases on last year’s payouts of £1billion. The warning came after reports that the entire RBS board would quit if their planned £1.5billion bonus pool for staff at their investment banking arm are blocked. But ministers were accused of fuelling ‘confusion’ after it emerged that Lloyds and Barclays will be allowed to reward their staff with big bonuses and rises.

 

Around 200 executives at Lloyds, which, like RBS, is partly-owned by the state, are set to receive one-off payments worth up to twice their salaries. Ministers are said to be ‘relaxed’ about the Lloyds deal, which has been approved by the Government’s UK Financial Investments, because it will be paid in shares over three years. No 10 also refused to condemn Barclays for planning salary rises of up to 150 per cent instead of bonuses for 20,000 workers. The Prime Minister’s spokesman said: ‘How individual banks determine their remuneration is not for the Government.’

 

Read more:

 

http://www.dailymail.co.uk/news/article-1233179/RBS-backs-bonuses-bid-cool-row-Government-executive-pay.html#ixzz0YtqRpCTW


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