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RBS Loses 700 Top Traders: Report
By: CNBC.com
The Royal Bank of Scotland lost more than 700 top investment bankers to other banks that paid higher salaries and guaranteed bonuses, the Sunday Times newspaper reported Sunday, without citing sources.
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Sharon Lorimer |
Traders are being offered a year's salary in cash as a singing bonus by other banks, the Sunday Times said, citing headhunters.
RBS is now majority owned by the UK government and new CEO Stephen Hester has been forced to raise the salaries of some top executives to prevent their defection to competitors like Barclays Capital and Nomura, the paper said.
Shares of RBS ended the day 3.6 percent higher.
© 2009 CNBC.com
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