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Bank charges: Public knowledge of pay driving up bankers' salaries

Banking executives are experiencing pay increases because of their disclosure, a director at RBS has said.

Penny Hughes, a non-executive director who is chair of the bank's remuneration committee, claims that the "transparency" of salaries has led to pay increases.

Herald Scotland quotes Ms Hughes as saying: "That whole disclosure thing, I would argue, has been part of the acceleration in pay.

"A chief executive looks around at the next company and nobody wants to be low quartile and that is part of the pressure. At the same time there is a war for talent. There is a market for talent."

It was believed that disclosure of pay would deter banking bosses from paying inflated salaries, but it appears the opposite has happened.

Ms Hughes's claims suggest that with pay being disclosed, banks are attempting to be more competitive in terms of recruitment.

According to the news provider, RBS chief executive Stephen Hester earns a basic salary of £1.2 million, which could amount to £10 million over three years should he meet his targets.

Belmont Thornton can help you make a PPI claimPayment Protection Insurance Claim, or a credit card charges claim. For free PPI Claim advice call 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim pack or credit card charges claim pack.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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