RBS Granted Permission To Pay Bonuses This Year

Author:
Publish date:

Don't get too excited, young chippies-- the bank has merely been told it's allowed to pay out 1.3 billion pounds ($2.01 billion) as decreed by its overlords (the U.K. Treasury and U.K. Financial Investments, and the Queen's corgis).


That doesn't necessarily mean they will, and if they do make it rain out there it's probably going to be a mix of debt and piss (as Stephen Hester has previously noted, the "minimum" they can "get away with"). Sorry, but the kingdom needs a coupla new flat screens and there's talk of bringing on a third-- maybe even fourth-- head of global banking and markets in America to shoulder the responsibility of reaming out analysts over food-eating contests (Lyublinsky can't do it all himself!) and ripping tickets at the elevator ride. That kind of talent doesn't come cheap. But take heart! There are always alternative avenues by which to obtain your money.

Related

RBS: Those Libor Fines Don't Pay For Themselves!

Like many of its peers in the banking world, RBS used to make a habit of manipulating Libor (among other things). And, as recent reports suggest, the Royalest Bank of Scotland is probably going to be forced to cough up £300m (and fire a couple execs) to convince the government everyone is very sorry and it won't happen again. How does the bank, which has not had a money-making quarter since the financial crisis,* plan to come up with the cash? By 1) taking back bonuses that were already paid out to people who were involved in the scandal and 2) reducing everyone's bonus this year.