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PPI Claim News - 13/1/2010

PPI Claim: Banker defends bonus culture

Bank boss Stephen Hester, chief executive of the Royal Bank of Scotland (RBS), has defended the need for large bonuses in the financial services sector.

Speaking to a committee of MPs, he made the comments despite also saying that even his parents thought he earned too much.

He told the parliamentarians that bonuses were necessary to prevent employees moving to rival firms.

Mr Hester said that RBS would only pay out "the minimum we can get away with", describing the firm as "prisoner to the market".

His bank, which owns NatWest, Coutts and Ulster Bank, is thought to have a bonus pot this year of £1.5 billion.

It was also revealed that some senior investment bankers at RBS would avoid the bank's new rule that only employees earning less than £39,000 can receive cash bonuses.

The Treasury select committee heard that a "handful" of employees earning more than this amount would still receive a cash bonus this year because of earlier commitments.

If you would like to get your payment protection insurance back - PPI Claim from Royal Bank of Scotland then fill out the Quick Claim form or call Belmont Thornton on 0845 526 0000 for PPI claim adviceADNFCR-2776-ID-19554812-ADNFCR

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