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Fresh anger over RBS bonuses

Fresh anger over RBS bonuses

29 January 2013

A fresh round of bumper bonuses for investment bankers at RBS will fuel anger amongst the majority of workers at the bank and British taxpayers.

Reports suggest that the Royal Bank of Scotland (RBS) is preparing to pay out bonuses of up to £250 million to staff in its investment banking division, the arm of the bank which has also been heavily implicated in the Libor scandal.

Given that RBS is majority owned by the nation, not only will taxpayers have to pay for the bonuses but they will also ultimately pay the fines for the Libor scandal, estimated to be £500 million.

In the UK alone around 30,000 jobs have been lost at the bank since the financial crisis started in 2008.

Unite, Britain's biggest union, has repeated its call to meet with UKFI (UK Financial Investments Ltd), to urge the organisation to be more proactive in the interests of staff and the taxpayer. UKFI was set up in 2008 by  the government to manage its shareholding in the banks.
 
Unite national officer Dominic Hook said: "Once again, it looks like ordinary bank workers and taxpayers will pay the price for the greed at the top of RBS. It is time George Osborne put his foot down. This is no way to repay the country's patience.

"The RBS division implicated in the Libor scandal is set to reap huge financial rewards, but innocent bank workers in call centres and branches up and down the country are having their jobs cut, pensions slashed and terms and conditions eroded.

"Unite has written to the chair of UKFI to call for an urgent meeting to discuss how UKFI can be more proactive in the interests of staff and the taxpayer."

ENDS

Contact: Ciaran Naidoo on 07768 931 315

  • Unite is Britain and Ireland’s largest trade union with 1.5 million members working across all sectors of the economy. The general secretary is Len McCluskey.