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RBS chairman admits bankers are overpaid

Royal Bank of Scotland chairman Sir Philip Hampton has admitted that too many bank employees are overpaid.

According to an interview with BBC Radio 4, Hampton said it was hard to defend the gap between what most people earned and what some bank employees earned.

Hampton acknowledged that bankers pay “continued to be astonishingly high” but warned that banks had no choice if they wished to retain the top people.

Hampton said: “If we don’t pay our top people appropriately, they leave very quickly. Our top people are very much in demand and we have seen a significant loss of our top people.”

RBS is currently 83 per cent owned by the government after being bailed out in 2008.

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