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+--- Thread: RBS bankers set to share billions in bonuses (/thread-rbs-bankers-set-to-share-billions-in-bonuses)
RBS bankers set to share billions in bonuses - forwardone - 02-05-2009 12:34 PM
Bankers at Royal Bank of Scotland, which is largely government owned, are set to share £20 billion worth of bonuses, with the most senior figures in line for six-figure payouts.
While RBS says that it has yet to decide on its remuneration policy, The Times reported this morning that the bank’s plans had received the tacit approval of UK Financial Investments, the body the government set up to manage its extensive portfolio of British banks.
The bank has already said it has a freeze on bonuses at board level, but this does not mean it will hold back on payouts for its star traders and bankers.
The reports that RBS is to reward its bankers so generously will infuriate shareholders who have seen the price of their holdings drop; from its peak in March 2007 of 567p, RBS was this morning trading at 20.1p. The government now holds around 70% of the group.
citywire.co.uk