Ailing Royal Bank of Scotland - the bank being propped up with £20 billion of public money - today said no decision had been taken on bonus payouts for staff potentially running into hundreds of millions.
Part-nationalised RBS - 70 per cent owned by the taxpayer after the latest moves to shore up its balance sheet last month - was said to be preparing to make the payouts to thousands of the firm's senior bankers and traders. RBS's investment banking division paid £1.83 billion in salary during 2007 - mostly in bonuses - and while payouts for last year will be smaller, they will be made, according to The Times. A spokeswoman for the bank said: "No decisions have been taken yet." WARREN BUFFETT WILL INJECT SwFr3 billion (£1.8 billion) into Swiss Re in a move that could give the billionai...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
