RBS Shunning `Rainmakers' as Bonus Pool, Millionaires Fall
- Million-euro earners cut to 121 last year from 131 earlier
- CEO McEwan's pay more than doubles despite eighth annual loss
An RBS logo sits outside a Royal Bank of Scotland Plc (RBS) bank branch in London, U.K., on Thursday, June 11, 2015. Chancellor of the Exchequer George Osborne said he'll start returning Royal Bank of Scotland Group Plc to private ownership in the coming months, even though it may cause a loss for U.K. taxpayers.
Photographer: Simon Dawson/BloombergRoyal Bank of Scotland Group Plc’s chairman said his firm doesn’t pursue highly paid investment bankers anymore, as it cut the number of million-euro earners and its bonus pool amid the continued shrinking of its securities unit.
“We are not seeking to recruit M&A rainmakers in the City, we don’t do that kind of business any more,” Howard Davies said when asked about pay on a call with reporters Friday. On the other hand “we don’t want to be in a position where we take a hair-shirt approach and can’t staff the bank with good people to do the job,” he said.