Non state-owned banks 'will pay bonuses'

31 January 2012

Senior officials at private banks are still likely to receive bonuses this year despite the fact their counterparts in state-owned financiers are having their remuneration packages cut.

That is according to Guy de Blonay of Jupiter Asset Management, who has told Bloomberg that the likes of Robert Diamond - chief executive of Barclays - will not miss out on an additional payment on top of his salary.

Yesterday (30 January), it emerged that Stephen Hester, chief executive of the 83 per cent state-owned Royal Bank of Scotland, had decided to waive his bonus of £963,000 ($1.5 million) for 2011.

Meanwhile, senior officials at Lloyds Banking Group - in which the government also has a significant interest - will also have their bonuses restricted.

However, Mr de Blonay has insisted this will not affect the money offered to professionals elsewhere in the industry as the "pressure will probably stop at the government-controlled banks".

By Gary Cooper

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