Royal Bank of Scotland, which is 70% UK government-owned, will pay staff bonuses worth up to £950m for 2008, despite its £20bn taxpayer bail-out, under a government-approved deal that on Tuesday intensified the furore over rewards to bankers. UK chancellor Alistair Darling said the “absolute legal minimum” was being paid in cash bonuses. The £175m cash bonus is more than 90% less than the previous year, RBS said. The bank is also paying about £160m to non-managerial staff. But insiders suggested the cash payment could be dwarfed by “deferred awards” to what RBS on Tuesday termed staff “essential to the bank’s recovery”.

This entry was posted by Gwen Robinson on Wednesday, February 18th, 2009 at 5:40 and is filed under Capital markets, People. Tagged with rbs. Edit this entry.