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Bank charges: RBS announce £950m bonuses

People currently having to pay bank charges may be surprised to hear that RBS is to give out £950 million in bonuses.

This is despite the bank making a loss of £1.1 billion last year. Trade union Unite has said the bonuses are "baffling".

Len McCluskey, the general secretary of Unite, said: "Taxpayers will be baffled as to how it is possible that while we own 84% of this bank it continues to so handsomely reward its investment bankers.

"This is an institution in which over 21,000 front-line and support staff have been sacked."

Stephen Hester, who was made chief executive of the firm in October, revealed that he will be accepting a £2.04m bonus because he claims he has been working very hard, reports the Guardian.

The news provider reports that although the £950 million is a reduction on the £1.3 billion given out last year, the proportion of revenue used to pay investment bankers rose to 34 per cent from 26 per cent a year ago.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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