INDUSTRY NEWS

City workers to get millions in bonuses

City workers in offices on London are set to receive millions in bonuses.

Royal Bank of Scotland (RBS) is planning to make the awards to its City traders and senior bankers, the Times has reported.

The paper has claimed the bonuses will total tens, if not hundreds of millions of pounds.

RBS was recently bailed out by the government, as part of chancellor Alistair Darling’s recapitalisation scheme.

A source at UK Financial Investments – the treasury department that manages the government’s share of RBS – told the Times: “There’s no blanket objection to bonuses, but they are subjecting them to intense scrutiny.”

The Liberal Democrat Treasury spokesperson Vince Cable spoke harshly of an earlier decision to award bonuses at RBS.

“The government said they would attach strict conditions on bonuses and it is very clear they are doing nothing of the kind,” Mr Cable said.
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