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Commercial - One Bank One Bonus
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Date: 14th Jan 2010
It seems that one business unit, Commercial Banking, has accepted LTU's argument that the payment of different bonuses to staff producing the same levels of performance on the basis of heritage is simply not fair. In a note to staff, John Maltby, Managing Director Commercial, has said "It is our intention within Commercial that the individual bonus awarded will not be affected by their heritage."
Members will not be surprised to learn that we have been inundated with emails objecting to the Bank's heritage centric approach to the payment of bonuses for 2009. The emails are best summed up by one member who said that the Bank has shown "a flagrant disregard for any sense of fair play and justice. Heritage LTSB staff deserve no less reward than any other part of our group and I find it difficult to believe that LTSB is in such a state that it would not be able to meet the HBOS bonus pot figures. There are many of us who have worked consistently hard and long in order to ensure the Bank goes from strength to strength and if those paltry figures are left unchanged I foresee a considerable amount of questioning where loyalties truly lie."
It is the case that the actual size of the bonus pots has yet to be decided and signed off by UKFI and we now hope that the Bank will listen to the views of staff, from across both heritages, and adopt the Commercial Banking approach. If it doesn't, then any attempt to create One Bank, with one culture will be damaged irrevocably.
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