Royal Bank of Scotland announces £1.3 billion bonus pool
Royal Bank of Scotland has today announced a £1.3 billion bonus pool which will be targeted primarily at the company's 22,000 investment bankers. This comes at the very important time for the UK banking industry when bonuses and remuneration packages are coming under closer and closer scrutiny. UKFI (the association put in place to look after UK tax payer interests) has apparently waved through the £1.3 billion bonus pool although it did manage to negotiate downwards the initial request for a £1.6 billion pot.
At a time when you might expect the likes of Royal Bank of Scotland to stay as quiet as possible on the sidelines, the company has today suggested that a £2.1 billion bonus pot would have been warranted despite the fact the company is majority owned by UK taxpayers. This will do nothing to quell the anger amongst UK taxpayers who continue to struggle while the likes of Royal Bank of Scotland and Lloyds bank look to pay out boom-time bonuses.
Many people will be dismayed that UKFI appears to have waved through the massive bonus pool although no doubt further details will emerge in due course about the process undertaken.
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