Anger over bank bonuses gathered a new head of steam yesterday as the country's top regulator urged lenders to pare back their payouts and news emerged of a £5m "golden hello" for 11 traders at the state-backed Royal Bank of Scotland.
RBS, 70% owned by the taxpayer after a £20bn bail-out, has poached 11 fixed income traders from Bank of America Merrill Lynch with guaranteed first-year bonuses of roughly £500,000 each. Full story... US BANK Morgan Stanley has agreed to sell its retail asset management business to investment manager Invesco in a deal worth $1.5bn (£913m) according to the BBC. The sale of the loss-making division will allow Morgan Stanley to focus more on its institutional clients. Full story...
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
