Home Business NewsFinance 85 RBS employees got £1m+ pay deals despite £8.2bn loss

85 RBS employees got £1m+ pay deals despite £8.2bn loss

by LLB Editor
6th Mar 14 10:37 am

More than 80 RBS staff were paid more than £1m last year. This was despite the taxpayer-backed bank reporting its biggest annual loss since being rescued by the UK government during the financial crisis.

The bank’s pre-tax loss for 2013 was £8.2bn, compared with £5.2bn in 2012.

The figures are expected to be confirmed later this week, according to Sky News

In disclosures to the London Stock Exchange, RBS is also set to detail deferred share payouts to top executives.

Lloyds has increased the number of millionaires on its books from 25 in 2012 to 27 last year. Barclays, on the other hand, saw 481 workers whose remuneration was over £1m.

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1 comment

Adam Goff March 6, 2014 - 1:13 pm

This article is incredibly naive. Lloyds is not an investment bank? Tell the whole story.

Also even a layman can tell you that RBS actually trade a profited this year its the bad debt write off legacy that caused the loss. This write off will actually minimising greater potential losses in later years. Don’t penalise the management of today for making the right tough decisions.

Its articles like these that result in the bank closing its investment bank (the most profitable part) in order to avoid the headline of bonuses and reverting to a UK high st bank which will be worth less, make a great deal less and mean the taxpayer loses when it exits from the deal.

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