'It's Not As If They Paid Great Bonuses In The First Place!'
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City headhunters are said to have already been inundated with CVs from RBS staff anxious to head for the exit, and UKFI CEO John Kingman (which oversees the RBS investment for the Treasury) recognises the problem, admitting: 'We have to walk a tightrope in which we reform the cultures....but we cannot afford to be in a position where the banks lose so many people that we start to lose serious value'. RBS CEO Stephen Hester has also said that the bonus limits make the bank's staff 'sitting duck(s)' for rivals.
Having said all this, not everyone thinks that the bonus announcement will make much difference. One banker told Here Is The City: 'Whilst some of the bank's top earners may take the opportunity to walk away, the rump of staff are likely to remain. It's not as if they paid great bonuses in the first place over there. Not many people join Royal Bank of Scotland because they want to make a fortune!'.
Finally, The Guardian reports that Hester's own bonus is linked to the bank hitting the lending commitments that the UK Treasury has insisted on. Hmmm, that could mean that RBS's boss may find himself stuck between a rock and a hard place - between those who do not have the confidence to borrow, and those who do not have the ability to repay what is lent.
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