Whopping Pay Scale of UK Bankers
As per a private shareholder group the UK government should rein in salaries at Royal Bank of Scotland and Lloyds before embarking on any sale of its stakes in them, as anger over bankers’ pay mounted ahead of their annual general meetings. UK Shareholders Association (UKSA) director Eric Chalker stated that it has become a truism that senior bank pay is grossly excessive and, some would say, immoral. His organization represents retail investors and has around 1,000 members.
Banker’s pay in Britain remains a sore topic for many around the world, as they are getting hefty amount while elsewhere thousands lose their jobs in a weak global economy. They are enraged by the fact that a sector blamed for causing the 2008 credit crisis continues to pay its members millions. In Britain the question of salaries at RBS and Lloyds is particularly sensitive as the government owns 82 percent of RBS and 40 percent of Lloyds after rescuing the banks during the crisis with 66 billion pounds ($105 billion) of taxpayer money.
There s round of speculation which is grewing up that Britain may sell some of its RBS stake to Middle Eastern sovereign wealth funds. Though a sale at current levels would represent a loss to the British taxpayer, the argument it could boost investor interest in the stock, which effectively acquired its RBS stake for 49.90 pence. As per Eric Chalker it would be wrong for such sales to take place without first reforming business practices at RBS and Lloyds. Later of this month Barclays holds its annual general meeting while rivals HSBC, RBS and Lloyds hold theirs in May. Chalker called for the establishment of private shareholders’ committees on the boards of banks. Now whatever the issue running in the UK market, the UK citizen should not be affected. We are here to solve the problem, Now if you need urgent money then you can option cash anytime in 24 hours, Just visit online and get payday Money within seconds via payday loan in 15 mins
According to the Britain’s most powerful institutional shareholder group it had concerns about executive pay at Barclays, adding to growing criticism over a 17 million pound award for Chief Executive Bob Diamond, earlier this month. RBS’ Chairman Philip Hampton and Chief Executive Stephen Hester bowed to political pressure by waiving their bonuses, while Lloyds CEO Antonio Horta-Osorio also declined his bonus after taking time off work in 2011 on sick leave. It was important that the government used its position as RBS and Lloyds’ leading investor to reform those banks before selling its stakes back to the private sector, as stated by Eric Chalker.
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