Royal Bank of Scotland revealed a £576 million bonus pot for staff today despite slumping deeper into the red with annual losses of £8.2 billion.
The bonus pot, down 15 per cent on 2012, includes a £237 million payout which is shared among its investment bankers.
The taxpayer-backed lender, which is 80 per cent owned by the Government, saw losses widen significantly from £5.3bn in 2012 after taking a £3.8bn provision for a string of scandal-related charges, and a £4.8bn hit for the creation of an internal “bad bank”.
However, chief executive Ross McEwan outlined a revival plan to make the bank “smaller, simpler and smarter”.
It will shrink from seven divisions to three and overhaul services for retail customers.