Bonuses slashed at RBS

RBS will pay no discretionary cash bonuses for 2008 and considers further asset sales, possibly even ABN AMRO.

The Royal Bank of Scotland has set a new floor for bankers' compensation, announcing the most stringent curtailment of bonus payouts seen to date.

The UK bank announced on February 17 some details of an agreement it has reached with the UK government, which is now its majority shareholder, about compensation for employees.

Some of what RBS released may sound like the bank is stating the obvious no bonuses or pay increases will be made to staff associated with the...

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