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Staff could be paid millions
The Royal Bank of Scotland is due within weeks to pay out bonuses to its key bankers and City traders that could amount to hundreds of millions. RBS is currently propped up by £20 billion of public money, 68% of the bank is owned by the Government. The bank agreed that no bonuses would be paid to the main board of directors as a condition on the rescue but did not do so for employees below that level. Ordinary staff in both RBS and Nat West branches normally receive a 10% bonus.
RBS will report its results in three weeks and will confirm a loss of somewhere between £7 billion and £8 billion. Once it has done this it plans on announcing its bonus strategy. The new chief executive of RBS, Stephen Hester, is said to be considering paying large parts of any bonus in shares rather than cash as well as looking at setting a cap on bonus payouts.
The investment banking arm of RBS known as GBM has many employees who are almost guaranteed to be paid a bonus having been given a guarantee in the past in order that they remain with the bank in a division that has made large profits in some areas. These areas include foreign exchange, trading in bonds and commodities and interest – rate derivatives, the area dealing with structured credit was responsible for billions of pounds of its losses.
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