Royal Bank of Scotland to announce £7 billion loss for 2009
Royal Bank of Scotland is on the verge of announcing a loss of £7 billion for 2009 while at the same time looking for Treasury approval regarding a £1.3 billion bonus pot which will be paid to the company's investment bankers. The company, despite being 84% owned by UK taxpayers, appears determined to push through these massive bonus payments at a time when public anger is mounting at the ever growing national debt and consumer debt in the country.
Over the last few weeks we have seen some "softer" headlines regarding Royal Bank of Scotland with a suggestion the company would scale back future staff payments to below the sector average. However, at the same time we hear that the company is determined to push through a £1.3 billion bonus pot for despite losses of £7 billion. The everyday person in the street will find it difficult to appreciate how you can pay a bonus to staff at a company which lost £7 billion in 2009, nearly went under and is effectively controlled by UK taxpayers.
Even some hard-nosed financiers in the city find it difficult to appreciate that a company effectively saved by the taxpayer can still look to pay bonuses as if it were back in the boom times.
Share this..
Related stories
Local authorities get tough on late payers
It has been revealed that local authorities throughout the UK, especially in Scotland, are taking a firmer line against those who are later with their council tax payments and other debts. Even though many local authorities around the UK are owed literally tens if not hundreds of millions of pounds in unpaid council tax there is evidence of debt collectors being brought in to chase debts which are...
Read MoreHow long before David Cameron reveals his own tax policies for the future?
As the political fallout from Alistair Darling's latest budget continues, in the background there is a growing call for David Cameron to reveal his own tax policies for the future in greater detail. While, quite rightly, David Cameron has so far refused to reveal details of his financial policies, should the Tory party gain power next year, now may be the time to at least start feeding ideas and c...
Read MoreTesco Bank customers unable to access accounts
05/02/2015 Tesco’s online banking service has been hit by a computer fault, leaving thousands of customers unable to access their bank accounts. Tesco bank customers trying to access current accounts, savings accounts and loan services have been affected since the problems first occurred on Tuesday. Credit card services have not been affected. Tesco Bank has said that they are “worki...
Read MoreJJB Sports confirms company is not under investigation
While results from the JJB Sports were disappointing to say the least with a loss of over £40 million in the first six months of 2009, the company has confirmed that while the serious fraud office (SFO) is undertaking an investigation into the activities of JJB and Sports Direct, it is specific JJB employees which are being investigated rather than the company as a whole. This is small consolatio...
Read MoreRBS face further IT problems after £56m fine
24/11/2014 Royal Bank of Scotland customers have had problems using credit and debit cards in shops and at cash machines over the weekend. Some customers of Royal Bank of Scotland and its subsidiaries, Natwest and Ulster Bank were affected, and were unable to use debit and credit cards. An RBS spokesperson said the breakdown had "minimal customer impact". It said the problems affected "a...
Read More