The lender, in which taxpayers hold a stake of just under 45%, has drawn up plans to pay out substantially more than last year’s bonus pot of £298m, Sky News learns.
UK taxpayers pumped £45.5bn into what was then Royal Bank of Scotland Group to keep it afloat in 2008 and 2009 as the global banking industry teetered on the brink of collapse.Advertisement
It gave junior employees a £1,000 one-off payment last year, while the majority of its staff at the two lowest grades in the company will get pay rises of at least 7% in April, according to previously announced plans. While taxpayers continue to face steep losses on the original cost of rescuing NatWest, the state has benefited from increased capital returns.
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