Bankers Lose Their Bonuses in Return for Gbp31bn Bail-Out Will Hit Thousands of Staff Across Scotland

Summary

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THOUSANDS of Royal Bank of Scotland and Lloyds Banking Group employees are to lose their cash bonuses in return for another massive taxpayer bailout worth GBP31 billion.

While RBS is lining up GBP5m in "golden hello" payouts to 11 new employees from American banking giant Merrill Lynch, about 3000 staff in Scotland are set to forfeit their annual handouts. A similar number at Lloyds will also lose out.

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Bankers Lose Their Bonuses in Return for Gbp31bn Bail-Out Will Hit Thousands of Staff Across Scotland

Under a deal announced yesterday, RBS will be forced by the European Commission to sell household brand names Direct Line and Churchill, leaving the 1600 Scottish e...

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