RBS and Lloyds agree not to pay cash bonuses to workers earning over GBP 39,000

BONUSES

RBS and Lloyds agree not to pay cash bonuses to workers earning over £39,000

Royal Bank of Scotland and Lloyds Banking Group have agreed not to pay cash bonuses for 2009 to workers earning more than £39,000 after accepting state aid, HM Treasury said in a statement on 3 November 2009.

Executive members of both banks’ boards have agreed to defer all bonuses payments due for 2009 until 2012, “to ensure that their remuneration is better aligned with the long-term performance of their banks,” the statement says. “These build on their existing commitments to implement the G20 remuneration principles, the FSA Remuneration Code and any relevant provisions accepted by the government from the Walker Review.”

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Want to know more?

You can read the HM Treasury statement online at www.hm-treasury.gov.uk/press_99_09.htm.