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December 24, 2013updated 04 Apr 2017 2:37pm

RBS may raise salaries to avoid EU bonus cap

The Royal Bank of Scotland (RBS) is reportedly considering doubling the salaries of top executives, in a move to avoid EU-wide bonus cap.

By Verdict Staff

The Royal Bank of Scotland (RBS) is reportedly considering doubling the salaries of top executives, in a move to avoid EU-wide bonus cap.

According to a report by the Sunday Times, some of the executives in the bank’s markets division are expected to see rise in their monthly salary.

A limit on bank bonuses by the European commission, effective January 2014, will limit variable pay to 100% of salary, or twice that level.

The law will be relevant to bonuses to be paid in 2015, and aims to restrict the bonus-driven culture in banking industry.

However, RBS has issued a statement denying the Sunday Times report.

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