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Bank Reduces Bonuses Again
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Date: 17th Mar 2009
The Bank has written to pay recommenders regarding the bonus awards for 2008 and told them the awards they thought they were giving to their staff have, for a second time been substantially reduced. This comes on top of the 50% reduction in bonuses that was communicated a few months ago. Since then the Bank announced that it made profits of £807 million in 2008, £2.2 billion on a continuing LTSB business basis, and so to reduce bonuses now when staff have delivered so much is completely unacceptable.
Surely the occupants of the top floor in Gresham Street can’t be so out of touch with the feelings of their staff that they believe this bad news will be seen as anything other than further kick in the teeth!
Mark Brown, Assistant General Secretary, said “The conduct of opportunist politicians in forcing the Bank to restrict bonuses and possibly pay increases for many managers and staff is completely unacceptable and they need to be held accountable for their actions. Those who have supported our campaign, like David Blunkett and Sir Stuart Bell, deserve the support of our members whilst those who haven’t offered any support at all, like Dr Liam Fox, Shadow Secretary of State for Defence, should be asked to account for their indifference to the financial plight of some of their constituents”.
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