RBS restructuring execs to have bonuses suspended
Following some worringly poor results this morning, and raised eyebrows, given the bonuses still being doled out to staff, there's news this afternoon that RBS has suspended the payment of bonuses to executives of its Global Restructuring Group (GRG), reports from the FT.
That's the unit alleged to have deliberately put small and medium-sized (SME) businesses into difficulty in order to capitalise on profits.
At the end of last year, the government report of Lawrence Tomlinson and that of Sir Andrew Large both criticised RBS’s lending practices to SME customers.
Large said the bank must tackle some "serious allegations" made by some firms.
An FT source said bonuses would not be paid until two reviews of the GRG business – an internal review by Clifford Chance and a second by the regulator the Financial conduct Authority – have been completed.