RBS handing out bonuses

[g4ry13]

No longer than about 6 months after taking the tax payers money to prop up the bank in the financial turmoil, RBS is now dishing out some rather large bonuses to their employees.

It seems they haven't been approved yet by the authorities to hand out the bonuses but bets are on they're going to pull a fast one and make some nice money. Read about it here

Just nice to see the poor tax payers propping up the banks and then getting chased for their mortgages by the banks, losing their homes, and being cut off benefits by the state. If these bonuses get through it'll be an utter shambles.

Edited by g4ry13 on Sunday 18th October 00:42

[glazbagun]

Times said:

The average employee in its high-risk investment banking arm is likely to take home £240,000

That's the average!? How do I get me into high-risk investment? Buy GT-R's?

[Uhura_Fighter]

Am I a major shareholder, have I voted on this? Don't we own the fking thing

What fking robbing tts fkers and s

[johnfm]

Uhura_Fighter said:

Am I a major shareholder, have I voted on this? Don't we own the fking thing

What fking robbing tts fkers and s

You tell us. Are you a 'major shareholder'?

Surely you should know. I assume your level of shareholding will be on your share certificate, no?

[jimothy]

glazbagun said:

Times said:

The average employee in its high-risk investment banking arm is likely to take home £240,000

That's the average!? How do I get me into high-risk investment? Buy GT-R's?

Actually it'll be a few very large ones, and thats it. Most of these bonuses will have been guaranteed in their contracts, so they can't be stopped.
But hey, if you want RBS to only employ useless people so the government doesn't get a good return on its investment then lets pay peanuts...

[poo at Paul's]

jimothy said:

glazbagun said:

Times said:

The average employee in its high-risk investment banking arm is likely to take home £240,000

That's the average!? How do I get me into high-risk investment? Buy GT-R's?

Actually it'll be a few very large ones, and thats it. Most of these bonuses will have been guaranteed in their contracts, so they can't be stopped.
But hey, if you want RBS to only employ useless people so the government doesn't get a good return on its investment then lets pay peanuts...

Some would day if these senior guys were any good at all, they would not have been in the sxxt they were in the first place.
IMO, RBS signed their own death warrant with the ridiculous price they paid for ABN Amro. Was predicted by lots of us as soon as they signed the deal!!
And if they had not be rb"S", Gordon would not have been so keen to save the world, sorry bank!

[Parrot of Doom]

g4ry13 said:

No longer than about 6 months after taking the tax payers money to prop up the bank in the financial turmoil, RBS is now dishing out some rather large bonuses to their employees.

It seems they haven't been approved yet by the authorities to hand out the bonuses but bets are on they're going to pull a fast one and make some nice money. Read about it here

Just nice to see the poor tax payers propping up the banks and then getting chased for their mortgages by the banks, losing their homes, and being cut off benefits by the state. If these bonuses get through it'll be an utter shambles.

Edited by g4ry13 on Sunday 18th October 00:42

So maybe you'd rather see the banks renege on contracts with their employees, the banks then being sued, and having to pay out, which would cost you, as a shareholder, more?

[dxg]

johnfm said:

Uhura_Fighter said:

Am I a major shareholder, have I voted on this? Don't we own the fking thing

What fking robbing tts fkers and s

You tell us. Are you a 'major shareholder'?

Surely you should know. I assume your level of shareholding will be on your share certificate, no?

I think the point he's making is that you're also a major shareholder in this company.

[esselte]

jimothy said:

glazbagun said:

Times said:

The average employee in its high-risk investment banking arm is likely to take home £240,000

That's the average!? How do I get me into high-risk investment? Buy GT-R's?

Actually it'll be a few very large ones, and thats it. Most of these bonuses will have been guaranteed in their contracts, so they can't be stopped.
But hey, if you want RBS to only employ useless people so the government doesn't get a good return on its investment then lets pay peanuts...

Oh yes that old chestnut,everyone knows that the more you pay for something the better it is..

Edited by esselte on Sunday 18th October 12:02

[poo at Paul's]

Parrot of Doom said:

g4ry13 said:

No longer than about 6 months after taking the tax payers money to prop up the bank in the financial turmoil, RBS is now dishing out some rather large bonuses to their employees.

It seems they haven't been approved yet by the authorities to hand out the bonuses but bets are on they're going to pull a fast one and make some nice money. Read about it here

Just nice to see the poor tax payers propping up the banks and then getting chased for their mortgages by the banks, losing their homes, and being cut off benefits by the state. If these bonuses get through it'll be an utter shambles.

Edited by g4ry13 on Sunday 18th October 00:42

So maybe you'd rather see the banks renege on contracts with their employees, the banks then being sued, and having to pay out, which would cost you, as a shareholder, more?

If Gordon had let the bank go, the employess would have been entitled to pretty much fxxk all though, just like the employees of manufacturing companies which have gone into liquidation under this bunch of turds!!

[Parrot of Doom]

But the government didn't let the bank collapse did they? They agreed to fund its operations, and must therefore oblige all contractual obligations.

[DJC]

Daft point, but if RBS make a woohoo whopping profit, doesnt the govt. benefit rather a lot from this due to being Mr Big Shareholder and get all the dividends? Whatsmore as effectively the "owner" of RBS cant the govt dictate the terms of how large the bonus cash pool is?

Nothing about "playing fair" here. Im happy for the banks to pay bonus to staff if said staff have brought the bank back into profit, this is a good thing! I would simply expect though that we the taxpayers who now own rather a lot of shares effectively employ these ppl so we (the govt.) get to set the terms and also benefit from the profit as per normal shareholders. We are benefiting right?

[Road Pest]

I remember when all the bailout packages were being handed out. The reason that Barclays went to the Emirates (or wherever they went) was because of how the government was really stitching up the banks with the terms. One person likened the bailout packages similar to the CDOs that helped get us into this mess. The government it appears was/is more interested in protecting its own ass than the countries, which makes no sense but there you are.

I'm sure someone like Tonker would be able to explain the above a lot better than me, for sure

So if there are people out there making a decent buck at the moment then fair play to them. And if you don't like it then just think of all the extra tax that they'll be paying.

[turbobloke]

Hopefully the exchequer will get some tangible benefit, the key thing is to keep Slugbrows and the Clown away from the money.

Much better that it should go in bonus payments to the people who worked to put the bank into profit.

[g4ry13]

turbobloke said:

Hopefully the exchequer will get some tangible benefit, the key thing is to keep Slugbrows and the Clown away from the money.

Much better that it should go in bonus payments to the people who worked to put the bank into profit.

Great - they're posting a profit now on their balance sheets. But maybe in 10 years time they'll have to write off huge losses as a result of profits this year and the bank will not be profitable for that 10 year period. The bonus scheme just incentivises huge risk to be taken on for the short term gain with no regard for the future.

If the government takes 70% of the profits then the bank pays out its bonuses from the remainder it's fair game but I suspect this is not going to be the case.

Edited by g4ry13 on Sunday 18th October 14:13

[GekkoRules]

It does seem distasteful of course but they have to honour contractual obligations and also have to be competitive enough to retain / entice the very people that can help them back to profitability.

Its hard to stomach for the majority but it is the law of the jungle.

I don't work in banking but feel strongly there are a lot of very very good / honest/ talented people that can get the banks back on track and they are getting harshly treated and tarred with the same brush as the wrong 'uns.

Edited by GekkoRules on Sunday 18th October 14:47

[turbobloke]

g4ry13 said:

turbobloke said:

Hopefully the exchequer will get some tangible benefit, the key thing is to keep Slugbrows and the Clown away from the money.

Much better that it should go in bonus payments to the people who worked to put the bank into profit.

Great - they're posting a profit now on their balance sheets. But maybe in 10 years time they'll have to write off huge losses as a result of profits this year and the bank will not be profitable for that 10 year period. The bonus scheme just incentivises huge risk to be taken on for the short term gain with no regard for the future.

If the government takes 70% of the profits then the bank pays out its bonuses

With that kind of 'maybe' foresight you must make a killing in the markets

Anyway, weren't we told that those financial geniuses Brown and Darling had worked with other financial geniuses at the FSA to sort banker bonuses - but since these are (presumably) the same geniuses that failed to prevent the recent fiasco, perhaps your concern should be addressed to that issue.

As it stands, with what we know now, if employees have achieved their personal and/or corporate objectives, I'd rather see bonuses go to them than be thieved through some windfall envy tax and then wasted on unreformed public services or handouts. If large bonuses cause grief to socialists and the Labour party in particular I hope that the bonuses are enormous.

[fido]

g4ry13 said:

Just nice to see the poor tax payers propping up the banks and then getting chased for their mortgages by the banks, losing their homes, and being cut off benefits by the state. If these bonuses get through it'll be an utter shambles.

I work for one of the non-propped up banks, so don't label all of us please ..
besides i'd rather be a propped-up public sector worker :- a) better job security b) no accountability c) final salary pension (mine is currently enough to pay me £4k a year when i retire)

[GekkoRules]

fido said:

to pay me £4k a year when i retire)

No need to boast.

[fido]

GekkoRules said:

fido said:

to pay me £4k a year when i retire)

No need to boast.

True, some of my ex-Lehman buddies have got jack all.