RBS bankers get 44% pay and bonus increase - banking jobs

People in investment banking jobs with Royal Bank of Scotland (RBS) have seen their pay and bonuses increases by 44 per cent as a reward for their work in 2009, it has been announced.

The bank is to pay out around £1.3 billion to share among its staff following lower-than-expected losses in its full-year results.

Bloomberg analysts had forecast that RBS would lose more than £6 billion, but the actual figure has been revealed as £3.6 billion.

The figure is a vast improvement on 2008, when the bank lost £24.3 billion.

Stephen Hester, chief executive of RBS, said: "We have a long and tough job ahead of us but we do believe that the worst is behind us.

"Every single one of the external targets that we have published we are ahead of schedule on."

But earlier this month, Sir John Gieve, the former deputy governor of the Bank of England, told the Daily Mail that people in RBS banking jobs are still working for a company that is in "intensive care" in terms of its financial position.

Updated: 25 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.