facebook
twitter
rss
account
search
search
 

RBS to pay billions in employee bonuses

Nov. 1, 2008 at 7:09 PM   |   Comments

LONDON, Nov. 1 (UPI) -- Royal Bank of Scotland, which is being bailed out with British taxpayers' money, has signaled it is preparing to pay bonuses to thousands of staff members.

The Guardian reported Saturday that the bank has set aside $2.9 billion to cover so-called staff costs, including discretionary bonuses, at its investment banking division for the first six months of the year alone.

The newspaper reported that the same RBS division caused a $9.55 billion writedown that wiped out the bank's profits for the same period.

The government had demanded that directors at RBS not receive bonuses this year.

"The government said they would attach strict conditions on bonuses and it is very clear they are doing nothing of the kind," said Vince Cable, the Liberal Democrat Treasury spokesman. "The banks are just making complete monkeys of them."

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
Zephyr 7 UAS chalks up new achievement
2
City of London Police get Kaspersky Lab training
3
U.S. oil pipeline output increasing
4
Brazil assessing capabilities of Russian air defense system
5
Lundin frustrated with latest North Sea find
Trending News
Video
x
Feedback