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Loan Protection: Banker bonuses rise by 25%

Banks have increased their bonus payouts by around 25 per cent over the past year, it has been revealed.

Financial website has obtained figures from the Office of National Statistics which show bank bonuses rose to £10 billion for the 2009-10 financial year - a year-on-year increase of £2 billion.

Larger remuneration packages could be offered to staff over the course of the next year as many firms are announcing huge profits.

Lloyds recently announced profits of £1.6 billion during the first half of 2010, while HSBC recorded a £7 billion profit in the same period.

Vince Cable, business secretary, claimed banks need to start lending to smaller companies again rather than rewarding staff members.

He said: "There clearly is a choice between paying out cash in bonuses, and reinvesting it in new lending.

"They [banks] also pay out bonuses and dividends which could be used to build up capital and lending to small businesses."

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800018438-ADNFCR

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