Barclays, HSBC and RBS 'to pay out $7.7bn in salaries and bonuses'

27 July 2010

Barclays, HSBC and Royal Bank of Scotland (RBS) are set to pay out a combined total of around £5 billion ($7.7 billion) in pay and bonuses.

According to a report in the Guardian, the three banks will outline their remuneration figures in the next few days as they publish their results for the first six months of the year.

It is anticipated that RBS will be able to announce its first profit since it came close to collapsing in October 2008.

However, UK Financial Investments has stated that the British taxpayer is still nursing a £8.7 billion loss on the bailout funding handed to RBS and Lloyds.

Business secretary Vince Cable stated that careful attention will be paid to dividend payouts and bonus levels at the British banks when their half-year results come out.

Earlier this month, the UK's Financial Reporting Council introduced a revised Stewardship Code which encourages shareholders to do more to in terms of monitoring the performance, strategies and governance of companies they have invested in.

By Tony Aynsley


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