Royal Bank of Scotland Group – the bank that the British tax payer had to bail out because it was on the brink of collapse – has announced 93 of its staff were paid over £1 million last year.
The bank decided that 1645 hours on a Friday was an appropriate time to make the announcement which also included the revelation that 1,950 employees earned more than £250,000 in 2012.
The bank – which is 84% owned by the tax payer – also paid 9,275 employees between £100,000 and £250,000.
Penny Hughes, chair of the group performance and remuneration committee at RBS Group, said the figures had been paid despite ‘another challenging year’.
In anticipation of public reaction to the figures, she said: “I would like to assure you that the committee has spent a great deal of time challenging and taking action in response to past events and considering how remuneration can help to drive appropriate behaviours at RBS in future.
“Individuals found culpable in relation to LIBOR have left the Group with no annual incentive awards for 2012 and full claw back of outstanding awards. The Committee has also taken action across the Group, particularly in the Markets division, to account for the reputational damage of these events.”
Hughes added that, against this backdrop, we should not lose sight of the fact that the vast majority of employees at RBS continue to “do their jobs well”.
She added: “Around one third of our employees joined after the financial crisis. It is vital that we retain and motivate good people as the foundation upon which we will generate a valuable business for shareholders and a bank that society can respect.