By Ben Simmons

RBS bank have announced a £390m bonus pot to be shared among investment bankers at the same time as the majority of the bank's 60,000 workers' pay remains frozen, sparking union anger.

Talks between the Unite Union and the banking group have broken down following the failure of the bank to make a decent pay offer to staff. This comes on the day the bank tells the city it will pay investment bankers a total bonus pot of £390 million.

If RBS were to split the massive bonus pot it is awarding its investment bankers between the 60,000 average bank workers, those workers would have a real opportunity to pay their household bills and change the life of their family.

The bonus pot would give these low paid employees approximately £6,000, which amounts to simply loose change for a city slicker.

Unite has launched a national campaign amongst RBS staff to inform them that some 28,000 RBS workers will receive no pay rise. Unite is appalled that while RBS can afford to pay large bonuses to city bankers, it refuses to recognise the contribution of the vast majority of the staff.

Unite has written to staff at their home address urging them to make their opposition to the pay offer clear by voting in a pay questionnaire. Workers have expressed to the union that they simply can not afford to pay their bills, travel to work and pay their mortgages, when their employer is in effect giving them a pay cut.

David Fleming, Unite national officer, said: “It beggars belief that this 84 per cent taxpayer backed institution is imposing a pay cut on its hard working frontline staff, while continuing to pay the city bankers ridiculously large bonuses.

“This hypocrisy will infuriate the workforce who have continued to work under the hardest of conditions. Instead of walking away from pay talks RBS should be reconsidering its derisory pay offer. Unite is now asking its members whether they can accept the deal and is seeking members views on the proposal.

“How does RBS expect staff to accept its claims of poverty and this ludicrous pay offer, when there is clearly enough money flowing into the hands of its top bankers and traders?”


Join us on
Follow @freshbusiness

Topics