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Bonuses at 70 percent British government-owned Royal Bank of Scotland will be kept to the legal minimum, finance minister Alistair Darling said on Tuesday as he sought to quell public anger over executive pay.
He said RBS would only pay 175 million pounds ($247.5 million) worth of bonuses that it was contractually obliged to.
Bonuses in future years will only be paid in shares and over a three-year period in which they could be recouped if people's performance falls short of the mark.
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AP UK Finance Minister Alistair Darling |
"They've cut down the payments they are making to the absolute legal minimum," Darling said.
Bankers are facing a huge public backlash over their role in the credit crisis and the multi-million pound bonuses they rewarded themselves with in the run-up to it.
The government has come under massive pressure to curtail the bonus culture, especially as taxpayers now own a large chunk of the banking sector after government bailouts of some of the biggest financial institutions.
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