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.