Chris Leslie, Labour's shadow financial secretary to the Treasury, has criticised RBS for paying out over £600 million in bonuses despite recording losses for the fifth year in a row.
RBS must continue its work of restructuring, but people will be astounded that bonuses of £600 million are being paid out in a year of big losses, compensation payments for mis-selling and fines for Libor fixing.
We need radical change in the culture of our banks and that must include reining in bloated bonuses which are a device for keeping traders focused on the weeks ahead, rather than years ahead.
It shouldn't take the European Union to rein in excessive bonuses, but UK Ministers have dragged their feet and refused to act.
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