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RBS chairman admits bank remuneration is astonishingly high

Sir Philip Hampton, the chairman of Royal Bank of Scotland, is this weekend involved in something of a controversial episode after admitting that bank remuneration is astonishingly high. His remark came on the BBC radio four Today program at a time when the UK government is trying to leave the UK banking crisis behind.

Despite his admission that banking remuneration is astonishingly high at the moment, Sir Hampton also reiterated the fact that it is difficult to attract the best minds in the banking industry unless you offer the best remuneration packages. There is also the fact that Royal Bank of Scotland has lost a number of key staff over the last few months, having been poached by competitors able to offer better overall packages and prospects for the future.

The problem for the UK banking industry is that each and every bank in the UK is looking to pull in the best minds which could possibly lead to a spiral upwards in remuneration for the industry's top players. When you also take into account the fact that additional layers of regulation will also increase the cost of running a UK banking operation we could be on the verge of more trouble for the sector.

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