Thursday, 26 February 2015

Pay the best to attract . . . the worst

So the publicly-owned (i.e. bailed-out by the Government during the banking crisis of 2008) Royal Bank of Scotland announces its 7th successive annual loss, this time one of £3.5billion, for 2014, as near as makes no difference now a total loss of £50billion over the seven years.

Yet the bank is still to pay out bonuses from a pool of £421m, which, hey, big deal, is some 21% smaller than it was in 2013.

So despite 7 years of losses on a scale that you and I can’t really comprehend, it continues to hang on to its HR-orientated pathetic statement of ‘bonuses and salaries to attract the best’.

Any fool can take a huge salary and enormous bonus for helping to sustain a 7th successive annual loss that’s the equivalent total of the combined GDP (Gross Domestic Product) of Afghanistan, the Bahamas, Cyprus, Greenland, Iceland and Malta.

Yet no one does anything about continually rewarding total and abject failure.

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