RBS uses your money to pay 300 top staff £1m each
THERE was more fury over bankers’ pay last night after it emerged Royal Bank of Scotland has given 300 key staff pay and bonus packages averaging £1million each.
The group – in which the taxpayer holds an 83 per cent stake – will be obliged to reveal the figures for the first time when it publishes its annual report on Thursday as part of the Project Merlin deal with the Government .
Senior executives at RBS, which received billions from the taxpayer when it had to be bailed out of the financial crisis, will share a total of £350million.
The money is being paid to “code workers”, perceived to be under greater pressure because they take investment decisions.
The total bonus pot for British banks is expected to be £7billion this year.
RBS payouts are in line with the average for HSBC staff, but less than the £2.4million handed out to 231 staff at Barclays. Emma Boon, of the TaxPayers’ Alliance, said: “It is unacceptable for mostly taxpayer-owned banks to pay senior staff large sums.”
RBS has already revealed that chief executive Stephen Hester received a total pay packet worth up to £7.7million for 2010.
Finance boss Bruce Van Saun received £1.4million and is entitled to up to £2.8million in incentive payouts. The bank is still in the red, reporting losses of £1.1billion for 2010.