10 January 2011

Another broken promise

The Government's coalition agreement promised:
"robust action to tackle unacceptable bonuses in the financial services sector"
The actuality:

Barclays is expected to pay around £2.5bn globally in bonuses, down only slightly from last year's £2.7bn pay-out, with Royal Bank of Scotland set to spend £1bn, against £1.3bn last year.

Lloyds, without a sizeable investment bank, is likely to repeat last year's £200m payment. HSBC discloses less than the other banks, but it spent £3bn on pay for investment bankers last year, with as much as half made up by bonuses. A similar payout is likely this year. Bankers have also enjoyed rises in basic pay of 20 per cent or more.

Source: here

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