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Stephen Hester, the head of the Royal Bank of Scotland (RBS), has admitted that some taxpayers’ money may have leaked into the bonus pool, the Daily Mail has reported.
Speaking to the Treasury Select Committee, Hester (whose bank is mostly owned by the taxpayer) responded to the proposed move to separate retail banking from investment banking divisions.
Hester did not clearly favour the proposal or speak against it, but did state that ring-fencing could increase systemic risk and reduce resilience to risk within a financial institution.
Bankers, especially highly paid executives, saw their popularity plummet following the financial crisis and ensuing recession, with bonuses a particular bane of the public.
In April of this year the the Centre for Economics and Business Research reported that reduced bonuses in the City were being offset by rises in regular pay.
Speaking to the Treasury Select Committee, Hester (whose bank is mostly owned by the taxpayer) responded to the proposed move to separate retail banking from investment banking divisions.
Hester did not clearly favour the proposal or speak against it, but did state that ring-fencing could increase systemic risk and reduce resilience to risk within a financial institution.
Bankers, especially highly paid executives, saw their popularity plummet following the financial crisis and ensuing recession, with bonuses a particular bane of the public.
In April of this year the the Centre for Economics and Business Research reported that reduced bonuses in the City were being offset by rises in regular pay.
Leaked lol