Bankers' bonuses: David Cameron won’t halt £6bn bank pay
DAVID Cameron yesterday signalled there would be no further action on bankers’ pay despite the huge £6billion in bonuses they are set to be handed.
Pressure is intensifying on the Prime Minister to take action following the disclosure of excessive payments at four of the biggest High Street banks.
Deputy Prime Minister Nick Clegg, the Lib Dem leader, had insisted there would be a crackdown on bank bonuses.
EXPRESS CASINO: GET A FREE BONUS OF UP TO £150 NOW!
But Mr Cameron said he did not believe it was possible to deliver growth “while having a running war” with banks at the same time.
He said: “In the end, what I’m interested in is not headlines satisfying people today and tomorrow that I’ve given the banks a good kick in the pants.
“What I want is tax revenue from the banks into the Exchequer so we can help rebuild this economy and I want those banks to lend to businesses large and small.”
Stephen Hester, head of Royal Bank of Scotland, which is 83 per cent state-owned, is reportedly to get a £2million bonus in shares.
The bank’s 200 top traders are forecast to share a bonus pool of £1billion.
Eric Daniels, the former boss of state-supported Lloyds – where taxpayers have a 41 per cent stake – also expects to receive a £2million package.
Barclays’ new chief executive Bob Diamond could get up to £9million as part of £2.7billion in staff bonuses.
And HSBC chief, Stuart Gulliver, is in line for between £8million and £10million, although the bank insists the amount has yet to be decided.
Total bonuses at the bank are likely to be £1.3billion after it doubled profits in the last year.
Barclays or HSBC did not take Government money directly but critics say every bank has benefited from the stability created by taxpayer bail-outs.
Ministers are trying to strike a “peace deal’’ with the City over bonuses in negotiations code-named Project Merlin. It could involve banks promising to lend more and being more transparent about pay.
