THE financial sector has shown its true colours in the last few days.
The main driver is greed. In the financial sector it is accepted that despite the business making losses the top managers/employees still get large bonuses.
The Royal Bank of Scotland (RBS) was saved by money from the taxpayer which could have otherwise been spent on projects of value for ordinary people in the country.
Shady, immoral or illegal activities are coming to light and fines are imposed. These fines again come out of money which was originally provided by the general public. RBS, still afloat only because of public money originally from the general public, is still making huge losses. Despite this, a huge sum of money is put aside for bonuses ("Cable leads political outrage at RBS's £576m bonuses pot", The Herald, February 28).
Barclays Bank is still showing a loss and is laying off 7000 staff but at the same time increasing bonuses by 10% (to the highest-paid staff).
I have been told by someone in the financial sector that only by paying bonuses can they ensure that people work hard. What an insult to the rest of society. Doctors, nurses and everybody in the health care sector, teachers, lecturers and others in the education sector, farmers, fishermen, miners, police, builders, rubbish collectors and almost everybody not in finance work very hard without ever getting a bonus.
In no other business would senior staff take pay rises (and certainly not bonuses) if their business was making a loss. This shows that the financial sector is amoral.
Dr Evan Lloyd,
72 Belgrave Road,
Edinburgh.
The latest RBS announcement reveals further losses of £8.2 billion from big debt write-offs. This is in no way connected with the performance of the RBS city and local branches. However, it will be the employees of that very network who will be sacrificed in the inevitable flurry to appease shareholders and critics that matters are under control. This prediction is confirmed by the RBS chief executive Ross McEwan using the term "cost issues" to mask the reality of job cuts. Surely the loyal rank and file workforce are deserving of a better deal from the now 80% state-owned bank?
Allan C Steele,
22 Forres Avenue, Giffnock.
ROSS McEwan, chief executive of RBS, is looking to save £1bn; not paying £576m in bonus payments would seem a good start .
James Mills,
29 Armour Square, Johnstone.
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