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RBS banker bonuses fall to £950m | RBS banker bonuses fall to £950m |
(40 minutes later) | |
Royal Bank of Scotland has said it will pay its investment bankers bonuses of about £950m for 2010 - down from £1.3bn the previous year. | Royal Bank of Scotland has said it will pay its investment bankers bonuses of about £950m for 2010 - down from £1.3bn the previous year. |
However, only up to £2,000 of any bonus will be cash - with the rest in shares. | However, only up to £2,000 of any bonus will be cash - with the rest in shares. |
RBS chief executive Stephen Hester will receive a £2.04m bonus - all in shares - with his salary frozen at the 2008 level of £1.2m. | |
Meanwhile Lloyds Banking Group said its outgoing chief executive Eric Daniels would get a £1.45m bonus for 2010. | Meanwhile Lloyds Banking Group said its outgoing chief executive Eric Daniels would get a £1.45m bonus for 2010. |
"In considering the award, the board took into account the current environment and desire for restraint," Lloyds added. | "In considering the award, the board took into account the current environment and desire for restraint," Lloyds added. |
Mr Daniels, who was in charge at Lloyds at the time of the disastrous takeover of Halifax Bank of Scotland, was paid about £1.1m for 2009, having waived his bonus. | Mr Daniels, who was in charge at Lloyds at the time of the disastrous takeover of Halifax Bank of Scotland, was paid about £1.1m for 2009, having waived his bonus. |
'Restraint' | 'Restraint' |
The bonus details came hours after the government confirmed a long-awaited agreement with the largest UK banks on lending and bonuses, called Project Merlin. | The bonus details came hours after the government confirmed a long-awaited agreement with the largest UK banks on lending and bonuses, called Project Merlin. |
However it is believed that RBS, which is 84%-owned by the taxpayer, has reduced its bonus pool in part because its investment banking arm had a worse year in 2010 than in 2009. | However it is believed that RBS, which is 84%-owned by the taxpayer, has reduced its bonus pool in part because its investment banking arm had a worse year in 2010 than in 2009. |
"Not all of the fall represents pay restraint imposed by the board of RBS as a result of the Merlin talks," said BBC business editor Robert Peston. | "Not all of the fall represents pay restraint imposed by the board of RBS as a result of the Merlin talks," said BBC business editor Robert Peston. |
Reports suggest that an estimated 200 of RBS's highest earning investment bankers would earn more than £1m in bonuses each. | Reports suggest that an estimated 200 of RBS's highest earning investment bankers would earn more than £1m in bonuses each. |
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