RBS to pay 500m pounds in bonuses

2nd Dec 2013 14:16

Royal Bank of Scotland (RBS) is expected to hand out 500m pounds in bonuses amid a series of scandals.The 81% state-backed lender is under investigation by regulators after government adviser Lawrence Tomlinson accused the bank of putting good and viable small businesses into default to make a profit.The City of London and the Serious Fraud Office are probing the claims, but it is not expected to affect employees' bonuses.The bank awarded its employees more than £600m in bonuses last year despite making losses of £5.2bn after been fined for LIBOR rigging.RBS, which was bailed out by the government in 2008, is forecast to report loses of several billion pounds this year.A spokesman for RBS dismissed the reports as "premature", saying that a decision on bonuses is yet to be made.RD