RBS bankers will receive their bonuses entirely in shares - but can convert a large portion into cash within 12 weeks.
In a letter to investors yesterday, RBS admits the pay deal is "unlikely to please everyone" but pleads for understanding from shareholders, the Telegraph reports. The share conversion clearly breaks the spirit of the agreement announced by Chancellor Alistair Darling in November, politicians argue. As announced in November, executive directors will receive no bonuses until 2012. "Senior management" will have their bonuses deferred over three years, starting this year. Full story.. MINISTERS have been warned by Treasury officials they must cut spending rather than increase ta...
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