bonuses-slashed-at-rbs

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 major losses suffered in 2008 and executive directors will receive no bonus. Directors and executives at RBS have also received no annual increase in salary while other staff will receive below inflation pay rises.

But...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222