Lloyds and RBS cash bonuses restricted for sixth consecutive year.
M2 EQUITYBITES-February 19, 2015-Lloyds and RBS cash bonuses restricted for sixth consecutive year
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UK government backed lenders Lloyds Banking Group and Royal Bank of Scotland (RBS) are to see cash bonuses restricted to GBP2,000 for the sixth year in a row as ministers look to avert a public row over pay before the General Election, Sky News reported on Wednesday.
Lloyds Banking Group and RBS have reportedly been in discussions with UK Financial Investments (UKFI), the agency which manages taxpayers' stakes in the two lenders, regarding their pay structure for last year. Both banks are expected to report their annual results for 2014 in the second half of next week, with improved fiscal performance offset by hundreds of millions of pounds in fines for market manipulation offences.
Minsiters put a cap on cash...
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