103 Million Paid To 32 Executives By Top Four Banks Of Uk

By Author: Kevin Cook
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A combined amount of 103 million pounds has been paid by four biggest banks of UK to their 32 senior executives in the previous year amidst political criticism of their bonuses. Barclays Plc awarded 6.3 million pounds to Chief Executive Officer Robert Diamond on 10th March for 2011. According to annual reports, it paid 37 million pounds to its most senior executives which are not among those employees who got a combined £37 million. According to lender, bonuses have been cut by it by 48% and salaries have been frozen.
The remuneration of Chief Executive Officer Robert Diamond was cut by Barclays Plc by almost a third last year and salary was frozen for the year 2010 after lender failed to get the profitability target. In January, the banks were urged by Prime Minister David Cameron, to show the proper reason in limiting bonuses and demonstrate how the salary is related to performance. Limiting cash bonuses and cutting salaries is the way of banks to try to lessen public anger due to financial crunch.
Brendan Barber, the general secretary of the Trades Union Congress umbrella labor organization said that people ...
... are sick of seeing that money which should be spent on supporting enterprises, is being spent of the people who brought economy to its knees some years ago. He added that there must be some action by ministers to do more to pressurize banks to prioritize supporting the real economy over making their senior staff rich. The amount of 19.8 million pounds was paid by Royal Bank of Scotland Group Plc to its top eight employees. It paid the amount that ranges from 4.7 million pounds, to 978,000 pounds. Similarly, 16.2 million pounds were paid by Lloyds Banking Group Plc and the highest-paid individual got 1.2 million pounds. The 29.3 million pounds were divided by HSBC Holding Plc among its eight employees according to the company records. There is no need for the banks to unlock the identities of the employees. Short of cash need funds apply with text loans no credit check and get quick funds.
The recession which hit the markets a couple of years ago seem to be the prominent reason behind what is going on in banks in UK. The salary cut of employees was the common phenomena in the UK firms. It was not only witnessed inside UK, but the UK-based firms in other nations also faced the same problem. But now, things are going on better and it is being hoped that both employees as well as public will get the full benefits.

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