Can you believe the Royal Bank of Scotland (the one we all own) is paying out £588m in bonuses to its staff despite suffering £8.24bn loss. I don't recall being invited to a shareholders meeting to vote on this decision.
CEO Ross McEwan said "I need to pay these people fairly in the marketplace to do the job."
Well you will excuse me for being cynical, but a fair salary for a group of people who lose £8,24bn is zero! You do not pay incompetents good money. More especially when they fuck up you don’t give them a bonus. They have no incentive to get it right.
The size of the bank's bonus pool fell 18% from last year (I am heart broken), but the RBS chief executive, Ross McEwan, acknowledged that the issue was "highly emotional" as he explained the multimillion pound windfall at the taxpayer-owned institution.
I bet its emotional, ‘laughter’ all the way to the bank I should imagine. “If you don’t pay these people they will leave and go elsewhere.” he says. I wonder why they think any other bank would want their sorry asses. Let them go Ross they aint worth an insurance stamp between ‘em.
I think Ross McEwan is wrong. What he needs to do is make these people earn their money. He is the CEO, he is the responsible man. He gets paid squillions. About time he earned it. Those that can’t make money he should fire their ass. Those that cant make much money he should cut their salaries.Why is it that we all have to live in the ‘market economy’, well all that is except the bankers! Why are they exempt?