Socialist Worker

Banks pay more bonuses

Issue No. 2343

Banks mired in scandal and throwing workers on the dole have all agreed on massive bonuses for the people at the top.

The Royal Bank of Scotland has paid out £600 million in bonuses.

It has just been fined £400 million for its role in fixing Libor interest rates.

And it is still owned by the government after being bailed out in 2008.

Lloyds boss Antonio Horta-Osorio is in for a handout of £1.5 million.

The bank is making a loss despite the government selling its own shares on the cheap.

This is in large part thanks to the compensation Lloyds had to pay for misselling payment protection insurance.

And HSBC is set to give boss Stuart Gulliver a £2 million bonus package.

It still had £1 billion to put aside to manage a scandal over its involvement in money laundering and drugs smuggling in the US.


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News
Tue 5 Mar 2013, 15:46 GMT
Issue No. 2343
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