Bonuses at RBS Dry Up in Wake of Recent Turbulence
On the back of concerns that RBS will struggle to retain senior management within its investment bank, the extent of bonus cuts within the bank has been uncovered.
390 million reasons to slash remuneration
With staff confidence at a low following the recent forced departure of former chief executive Stephen Hester, investment bankers within RBS are now seeing both their salaries and their bonuses slashed to cover the GBP 390 million fine that the bank was given for manipulating the benchmark Libor lending rate.
Barclays beat RBS on pay and bonus
Emolument.com, a bonus and salary data benchmarking site, has revealed that middle management at the beleaguered bank has been struck most harshly by the recent cuts.
Investment banking VP: Pay and Bonus
Typically, an investment banking VP at RBS earns a salary of GBP 102,895, with competitors such as Barclays paying to the tune of, on average, GBP 126,771. The average bonus for the same level at RBS is now only GBP 36,467, or 35.4% of salary. Investment bankers at Barclays typically receive a bonus closer to 75% of salary.
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