There are two classes of London bankers. The first works for a state-owned bank, the second works in the private sector. Both, ostensibly do the same job. But, their pay structures are quite different.
Chirantan Barua, senior analyst at Bernstein Research has crunched the numbers and come up with a chart that shows the divergence in pay structures between RBS, which is 81 percent government-owned and Barclays,which has no government ownership.
While 428 employees at Barclays earn more than £1 million ($1.48 million), just 93 RBS employees earn above that threshold. Fifty five Barclays employees earn more than £2.5 million ($3.7 million), compared to just 11 for RBS.