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Losses don’t stop bonuses

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Losses don’t stop bonuses

Another row has erupted around investment banks, particularly those that are largely owned by the tax payer. Not for the first time is RBS (royal bank of Scotland group) who have come under attack and labeled as greedy and money grabbing.

Most people understand that if you do a fantastic job then it is possible to be paid a bonus for your stellar performance. Many jobs including sales jobs are based largely on sales; which means if you bring in a lot of business then you will be appropriately rewarded. The problem is when this doesn’t happen.

RBS announced losses of over two billion pounds. Most would agree that is a lumpy loss, even by their high standards!

However, they paid out one billion pounds in bonuses to staff even though their CEO waived his multi-million bonus.

Simon Hestor went on describe the row around remuneration was damaging at a time when there is some light at the end of the tunnel and perhaps the tax payer will get the 43 billion pounds that they have pumped into the bank.

He said "No-one should be under any illusions,"

"You can't have your cake and eat it. The noise around RBS is very damaging."

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