Unite hits out at banking bonuses

Unite has condemned the “business as usual” attitude of the big banks in Britain after it was revealed that RBS – which has been bailed out by the taxpayer – is set to pay millions of pounds in bonuses this year. The top performers in its investment banking arm will get bonuses of up to £5 million for 2009.

by Tribune Web Editor
Thursday, October 22nd, 2009

by Keith Richmond

Unite has condemned the “business as usual” attitude of the big banks in Britain after it was revealed that RBS – which has been bailed out by the taxpayer – is set to pay millions of pounds in bonuses this year. The top performers in its investment banking arm will get bonuses of up to £5 million for 2009.

Rob MacGregor, the union’s national officer, criticised what he called this “kitty for the City” when thousands of ordinary bank workers have lost their jobs.

He said: “These RBS bankers are happy to return to business a usual and line their pockets while thousands of bank staff pay the price for their reckless behaviour which almost destroyed the company.

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  • Martin Hogbin

    The problem with any discussion of banking bonuses is the same as that with a discussion of law and order. The debate immediately polarises into those who think any kind of bonus is a disgrace and those who demand and expect bonuses as a matter if right.

    The argument for bonuses is that their payment attracts staff who improve the performance of the bank. The onus should therfore be on the directors to prove that the bonuses that they pay actually do improve the bank performance and long term security. If they can do that I have no problem with paying out.

  • Martin Hogbin

    The problem with any discussion of banking bonuses is the same as that with a discussion of law and order. The debate immediately polarises into those who think any kind of bonus is a disgrace and those who demand and expect bonuses as a matter if right.

    The argument for bonuses is that their payment attracts staff who improve the performance of the bank. The onus should therfore be on the directors to prove that the bonuses that they pay actually do improve the bank performance and long term security. If they can do that I have no problem with paying out.

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