RBS Expected To Reveal 300 'Average' Bonus Millionaires, UBS Worried About Staff Safety

The Guardian reports that Royal Bank of Scotland is expected to reveal later this week that it paid around 300 bankers bonuses of an average of £1m for their work in 2010.

The bank is also thought likely to disclosure details of the compensation awarded to its top five highest paid bankers.

The RBS bonus figures, which will be significantly less than the £554m Barclays said it paid out to 231 of its top earners, is broadly in line with the disclosures already made by HSBC, where its highest-paid 280 bankers received an average bonus of just over £1m.

In the meantime, Bloomberg reports that UBS is attempting to prevent the publication in the US of the names of six current and former bankers who are named in the recent Irving Picard (Bernie Madoff) complaint against the bank (UBS is being sued for $2.6bn). UBS says that the bankers are not central to Picard's case, and are mostly mentioned as they authored e-mails or internal documents.

The bank says that: 'The Madoff fraud has thrown a blanket of stigma upon anyone associated with the scandal. The revelation of the Madoff fraud has already been connected to the suicide of two individuals reportedly involved in dealings with Bernard Madoff'. UBS is concerned that if their names surface, they could be 'tarnished' and their careers ruined for no good reason. The bank said in a court filing: 'None of these individuals is a public figure, none is named as a defendant, and none is alleged to have known of Madoff's scheme'.

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