RBS in state sponsored grab

RBS in state sponsored grab

27 February 2014
Unite, Britain’s biggest union, has accused RBS and the government of an ‘astonishing betrayal’ as the bank awards over half a billion pounds in bonuses but reports one of the largest losses in UK corporate history.

RBS revealed annual losses of £8.2 billion and a £576 million bonus pot including £237 million to be shared among its investment bankers.

Unite national officer Rob MacGregor: “This is a state sponsored grab by greedy senior bankers. Taxpayers suffering a cost of living crisis have been betrayed and fleeced by the Tory-led government.
“George Osborne has given RBS the green light to indulge in grotesque levels of corporate greed in the midst of historic losses. In allowing this behaviour he is proving he has learned nothing and is treating ordinary bank workers and working people with utter contempt.
“George Osborne should come before parliament to explain to the people of this country why he is allowing their money to be misused in this way, especially when living standards have dropped and people have even lost their jobs because of the banking crisis.
“RBS should categorically rule out seeking shareholder approval at its AGM in May to award future bonuses worth twice the value of senior bankers’ basic salaries.
“Over 30,000 RBS workers in branches, call centres and back offices have already paid too high a price for the bank’s failures. While the bank has not announced job losses, we know that Ross McEwan the new CEO wants a radically different and smaller bank.

"Unite is demanding full details on plans to shrink the business. There is plenty of scope to rationalise the business and make savings without cutting staff numbers. RBS has already cut staff numbers to the bone and it is now time to focus on job security and customer service.”
For more information contact Ciaran Naidoo from Unite on 07768 931 315
Twitter: @unitetheunion, Facebook: unitetheunion1
  • Unite is Britain and Ireland’s largest trade union with over 1.4 million members working across all sectors of the economy. The general secretary is Len McCluskey.