The Edinburgh-based bank defended the practice of off-setting cuts to bonuses by boosting salaries, saying it reflected an "industry-wide rebalancing of pay away from discretionary awards". It stressed bankers at Global Banking and Markets (GBM), RBS's investment arm, were paid less than those at other investment banks.
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Bonus culture 'rolls on' as RBS pays out £785m
THE excessive bonus culture of Britain's banks "continues to roll on and on", Labour has insisted after the Royal Bank of Scotland unveiled annual losses of £2 billion but also paid out bonuses of £785 million to its staff.
