The Royal Bank of Scotland is to pay out £607 million in variable compensation.
According to the bank’s Annual Results 2012:
- Its total variable compensation stood at £607 million in 2012, down from £789 million in 2011.
- £215 million of this amount has been allocated to investment bankers, down from £360 million in 2011.
- Cash payments to all employees are capped at £2,000.
- Clawback of 2011’s deferred awards totalled £72 million.
Stephen Hester, group chief executive of RBS, said: “RBS is four years into its recovery plan and good progress has been made. We are a much smaller, more focused and stronger bank.
“Our target is for 2013 to be the last big year of restructuring. There will be important work still to do, but an increasingly sound base from which to work.”