Barclays and RBS pay more than 500 staff over one million pounds

Fri Mar 8, 2013 2:11pm EST
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By Steve Slater and Matt Scuffham

LONDON (Reuters) - Britain's Barclays (BARC.L: Quote) and RBS (RBS.L: Quote) paid more than 500 staff over 1 million pounds ($1.5 million) in 2012, a year when both were embroiled in rate rigging and mis-selling scandals.

Both Barclays and RBS are paying out billions of pounds in compensation to customers mis-sold loan insurance and small firms sold complex interest rate hedging products and are under pressure to rein in executive pay and cut costs.

RBS, which is 82 percent owned by the UK taxpayer and was fined $450 million in February over the fixing of Libor interest rates, paid 95 staff more than a million pounds according to its annual report published on Friday.

One of its bankers earned more than 5 million pounds and 10 staff between 2.5 million pounds and 5 million pounds.

At Barclays, some 428 bankers earned one million pounds, though that was down from 473 in 2011, according to its annual report also released on Friday. Barclays said five staff were paid over 5 million pounds last year, down from 17 in 2011.

Lawmaker John Mann, part of the opposition Labour party, criticized the payouts.

"It's one rule for bankers and another rule for every other part of British industry. There will be a lot of angry small businessmen out there tonight," he said.

Finance Minister George Osborne said the disclosures were a positive development.   Continued...

The Barclays headquarters building is seen in the Canary Wharf business district of east London February 6, 2013. REUTERS/Neil Hall