RBS denies base salary speculation

Oliver Twist

No, not us!

The Financial Times reports that Royal Bank of Scotland has denied it has plans for a 'widespread' increase in the base salaries of some of its bankers to get around EU rules on bonuses.

The statement followed a story in the Sunday Times reporting that a 'handful of executives at the taxpayer bank’s markets division could see their monthly wage almost double to compensate for the new rules'.

One person familiar with the situation at RBS explained that a few bankers were having their base salaries increased as part of their annual pay renegotiations but it was not a move in response to new EU directives. The number affected was in the low single-digits, the person said.

Hit the link below to access the complete Financial Times article:

RBS denies plan to avoid EU bonus cap (subscriber content)

US hedge funds set to expand in Europe (subscriber content)

Register for Financial Markets News Alerts