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RBS set to back down over bonuses

Royal Bank of Scotland is set to back down in its row with the Government over paying big bonuses to its investment bankers.

The directors of the bank sparked controversy yesterday when they threatened to quit over concerns that the Treasury was set to block £1.5bn of bonuses

The board members claim that this would prevent them from running the bank for the benefit of shareholders.

According to a report in the Financial Times, the bank is confident of reaching agreement with the government with an RBS insider claiming the pay-outs in its investment division would be “at the low, low end of the of the scale”, despite fears that it may lose leading members of staff to its competitors.

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  1. Clearly the investment bankers they would lose would be the incompetent losers that put the bank so far into the read, which might be as many as all of them, but all one can say is: “Good luck to the competitor who picks up these lemons and thinks they’llget results!”

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