Bonus restructuring

The Unite general union welcomed the announcement of changes to frontline bank workers’ payments at the Royal Bank of Scotland (RBS) to ensure they would not lose out in the drastic reduction of pay-outs to the bank’s investment staff.

While bonuses for investment bankers have been cut to a pot of £175 million, branch workers will have their 10% bonus replaced by a 10% pay rise. Meanwhile, future bonuses will be rethought.

RBS chair, Sir Philip Hampton, said: “A fundamental reform to pay and reward is needed” to reflect current realities.

Derek Simpson, joint general secretary of Unite, welcomed the move. He said: “The union will continue to fight to defend employees in banks to ensure that low paid staff do not suffer for the greed of bank bosses.”