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.
– Labour MP Chris Leslie
It shouldn't take the European Union to rein in excessive bonuses, but UK Ministers have dragged their feet and refused to act.