RBS cuts bonus pot for bankers to £305m

RBS is set to reward its bankers with bonuses of £305million – 10 per cent less than last year.

The bonus pot at the state-backed bank is expected to be cut back from £335million in 2019 after a tough year.

The payouts will be revealed when RBS reports its first set of results under new chief executive Alison Rose, Sky News reported.

Rose is also expected to unveil a shake-up that could involve sweeping job cuts and a management reshuffle. She has been under pressure to scale back RBS’s underperforming investment bank and improve returns at Ulster Bank in Ireland.

RBS was bailed out by the taxpayer in 2008 for £45 billion and is still 62 per cent owned by the Government, which plans to continue selling shares back to the markets. It is thought taxpayers will lose money on the sale.

The bank’s bonuses have fallen dramatically since 2009, when it shelled out £1billion in payments to bankers.