Two top firms said to either reduce bonus pool or keep it flat

Flat Tyre

More bonus news.

Sky News reports that Royal Bank of Scotland (RBS) will soon hand out a £335m bonus pot to staff as it reports its second consecutive annual profit‎ since being rescued by taxpayers (a 2% reduction from a year earlier).

Sky News has learnt that RBS's board and UK Government Investments (UKGI), which manages the public's 62.4% stake in the bank, have agreed on the bonus pool.

The payouts will be disc‎losed to the City alongside the bank's full-year results next Friday.

If confirmed, the bonus awards will mark the tenth successive year in which ‎RBS has cut the staff payouts amid political anger after its £45.5bn bailout.

RBS to pay £335m bonuses after second annual profit in a row

In the meantime, The Financial Times reported last week that Credit Suisse has frozen its 2018 bonus pool, although pay for senior executives might rise. 

Bloomberg News reported last week that Deutsche Bank may cut bonuses if its revenue fails to grow, Chief Financial Officer James von Moltke said.

Finally, Bloomberg also reports that UBS scrapped individual variable bonuses for about 10,000 employees at its corporate center, and instead will pay people a percentage of their annual salary.

The corporate center includes functions such as human resources and information technology. Staff who earn between 50,000 francs ($50,000) and 100,000 francs are affected by the change.

UBS Changes Bonus System for 10,000 Corporate Center Staff

 

 

 

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