THE SUNDAY TIMES: FOUR of Wall Street’s biggest banks will this week reveal plans to pay their staff a total of close to $100 billion (£62 billion), reigniting the row over bankers’ bonuses.
Goldman Sachs, Morgan Stanley, Citigroup and Bank of America Merrill Lynch are all expected to announce bumper pay awards for staff alongside full-year results.
Wall Street’s big payouts come as the remuneration committee at Royal Bank of Scotland prepares to meet this week to determine the size of its bonus pot.
RBS — 84%-owned by British taxpayers — has indicated it wants to pay its investment bankers about £1.5 billion in bonuses, even though it will make a loss this year at group level. The figure could creep higher if it attempts to shelter its bankers from the impact of Alistair Darling’s 50% tax on bonuses. >>> Iain Dey | Sunday, January 17, 2010
