First they lose their Christmas party and now they might be losing their year-end bonuses.
U.K. Prime Minister David Cameron said he can stop proposed $800 million investment banker bonuses at the Royal Bank of Scotland, Bloomberg reported. [via Dealbreaker]
“We can stop the 500 million, yes, absolutely,” Cameron said in an interview on BBC Radio 2 today. “That is not the agreed figure. That’s a proposal I’ve read about in the newspapers.” The Sunday Times reported the 500 million-pound figure on Nov. 6.
RBS, which is now state-owned after receiving the largest bank bailout in the world in 2008, has already cancelled the investment bankers’ Christmas party and other forms of entertainment for the rest of the year.
RBS announced in August that it plans to cut 2,000 jobs.
There was a bloodbath earlier this week at RBS’s Samford, Connecticut offices with 20 traders and sales people from the credit desk being axed alone. According to Fox Business senior correspondent Charlie Gasparino, traders who got cut said RBS will lay off 30-35% of the fixed income unit. However, it’s unclear if it’s in the U.S. or globally.