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Bankers say, 'Bonus for us, cuts for you'

Bank claims huge payouts are modest

Issue No. 2340

The chair of bailed out Bank of Scotland claimed this week that boss Stephen Hester’s £1.1 million salary and £6 million annual bonus was “modest”.

Sir Philip Hampton was giving evidence to a banking standards commission when he made the claim.

He said Hester was paid “well below the market rate” for doing a “difficult” job.

Bankers seem to have no difficulty filling their pockets.

For years they rigged Libor loan rates to maximise profits.

RBS paid out just £390 million in fines for their part in the scandal.

More of the murky world of bankers’ was revealed when Barclays announced the shut down of its “structured capital markets” division. This small but lucrative department generated most of the investment bank’s profits.

It was in fact a tax avoidance service run by a banker nicknamed Roger the Dodger on £40 million a year.

And while the top bankers protect their bonuses, Barclays is laying off 3,700 workers.

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Tue 12 Feb 2013, 16:39 GMT
Issue No. 2340
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