Banking GBP1m Salary Insult
Published / Last Updated on 13/03/2013
Banking £1m Salary Insult.
A staggering 500+ employees at just two of the big banks earned over £1m last year.
As reporting season continues, i.e. Banks and Insurance Companies publishing their accounts, the accounts also disclose high earner details.
Barclays, amid the LIBOR and other mis-selling scandals that it has suffered this year, paid over £1m to 428 employees.
HSBC paid over 200 employees over £1m.
Royal Bank of Scotland (RBS), 80% state owned, paid 93 employees over £1m.
Our view
To be honest, we find this insulting. Barclays and HSBC are free to do as they please, they have not received any bail out, and are basically foreign banks, Qatar and Hong Kong owned.
RBS in the other hand, is in debt, the tax payer is basically funding millions of pounds for its mis-selling, PPI and Libor fines and compensation yet huge staff numbers are being paid huge sums. A firm that is not making profit and has been part of the biggest corporate collapse in British history, should not be paying these sums. It would interesting to know how many employees are earning say £150,000 plus. We could really get angry then.