RBS bankers in line for £500 million bonus payout despite SMEs scandal
Royal Bank of Scotland is expected to reward its bankers £500 million in bonuses this year, despite being embroiled in a series of scandals over its lending practices.
The state-backed lender has recently come under fire after government adviser Lawrence Tomlinson accused the bank of pushing viable businesses into default in a bid to generate profits from fees and seize assets on the cheap.
The City of London police and the Serious Fraud Office are currently investigating the allegations but this is not expected to affect the size of the bonus pool for top employees.
The bank has appointed top law firm Clifford Chance to conduct an inquiry into the claims.
RBS, which is 81 per cent taxpayer owned since it was rescued by the government in 2008, awarded its employees more than £600 million in bonuses last year, despite reported losses of £5.2 billion after being hit by fines in relation to the Libor rigging scandal.
The bank is expected to rack up losses of several billion pounds this year.
A spokesman for RBS dismissed the reports as "premature" insisting that a final decision is yet to be made.
- 1 What happens to your body when you give up sugar?
- 2 Have sex with your iPad thanks to the new sex toy no-one asked for
- 3 Bali nine: Welcome to 'Execution Island' – the Indonesian holiday resort where foreigners are sent to die
- 4 The 'sex selfie stick' lets you FaceTime the inside of a vagina
- 5 Why you're almost certainly more like your father than your mother
Mark Zuckerberg: Facebook CEO's one simple test for who to hire
Bali nine: Welcome to 'Execution Island' – the Indonesian holiday resort where foreigners are sent to die
'A girl is more responsible for rape than a boy': The statement that shocked the world... except India
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Saudi Arabia executions now at 'unprecedented rate' after kingdom kills four more in two days
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
Ex-head of MI6: 'We shouldn't kid ourselves that Russia is on a path to democracy'
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
iJobs Money & Business
£8 per hour: Recruitment Genius: This Pension Specialist was established early...
£30 - 35k + Bonus & Benefits: Guru Careers: We are seeking an Executive Assist...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...