Bigger bonuses would have meant smaller losses claims RBS as it misses lending targets
- If RBS had had bigger bonuses, it could have made an extra £1 billion, reckons CEO as the state-owned bank reports £3.6 billion losses and misses lending targets.
Royal Bank of Scotland (RBS) cut its losses from £24.3 billion to £3.6 billion, but claims it could have made an extra billion pounds if it had been able to offer staff bigger bonuses.
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The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more