From a none too pleased employee of the Queen:
RBS in Stamford got the conference call after the "Oh, we're taking more money from the UK government" news yesterday. (No one understood we why needed more money.) Anyway, since in 2008 the bonuses were deferred until June 2010 (and then, only 1/3 was getting paid out, and then, only in paper), now 2009 will not be paid until June 2010 (typically it was March of the following year)...and they are "unsure" if it will be ANY cash at all. It would be paid in RBS debt. Everyone is extremely unhappy.
So now, the last time (RBS) Greenwich Capital people got paid a bonus was March 2008 (for calendar 2007) and the next time we'll get anything will be June 2010. Base salaries only for what will be over 2 years. There has been more than 1 personal bankruptcy filing by employees (traders).
Hard to tell if the UK is just jerking us around, making us think we'll get cash when we won't; or if they're just being honest when they say they just don't know. Machiavellian or just disorganized? Probably the latter.