Bankers Wanted - Base Salary £999,999 ($1.63m) ?

Gold Bar And Coins

Hmmmm. This one really does sound too good to be true.

One well known UK newpaper has it that Royal Bank of Scotland (RBS) is busy hiring bankers into its Global Banking & Markets Division, even though it's in the process of laying off another 2,000 staff.

Nothing wrong with that, of course, as firms will always be hiring into areas they see as essential to future growth, while scaling back in under-performing or marginal businesses.

But what caught our eye was the fact that the newspaper understood that RBS was attempting to lure away rival bankers with base salaries for some as high as £999,000!

Our own headhunting sources, however, told us: 'Base salaries of £999,999! Don't they realise they're practically counting paper clips over there these days ?! Ridiculous. Even CEO (Stephen Hester) only gets £1.2m-a-year in base salary, and he had to fight shareholders for that.

'No, there might be some jobs which offer total compensation of close to £1m-a-year, but these will be very far between over at RBS. Remember, Hester said earlier this year that the bank will be paying at the lower end for the industry, not leading the way. And this is only right for an institution that was bailed out by the UK taxpayer, which maintains a majority stake in the bank'.

Another banker told us wearily: 'If it sounds to good to be true, it probably is'.

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts