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Should bankers still receive a bonus if their bank makes big losses?
Taxpayer-backed Royal Bank of Scotland remained at the heart of the row over bankers’ pay today as it unveiled total losses of £2 billion for 2011 at the same time as paying £785 million in bonuses to its staff.
RBS, which is 82% state-owned after receiving a £45.5 billion bailout at the height of the financial crisis, said the bonus pool included £390 million for its 17,000 investment bankers.
While the total pot is 43% lower than the previous year, it follows a period in which the bank announced thousands of job cuts as it scales back its investment arm Global Banking and Markets.
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Weather for Hartlepool
Monday 28 May 2012
Today
Sunny
Temperature: 9 C to 22 C
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