03 Feb '12, 9am

Bankers' pay needs to be 'corrected': RBS chairman

Bankers' pay needs to be 'corrected': RBS chairman

Pay in the banking industry has been high for too long and needs to be 'corrected', the chairman of Britain's state-backed Royal Bank of Scotland (RBS), Philip Hampton (above) told BBC Radio on Friday -- PHOTO: REUTERS LONDON (REUTERS) - Pay in the banking industry has been high for too long and needs to be 'corrected', the chairman of Britain's state-backed Royal Bank of Scotland (RBS) told BBC Radio on Friday. 'Pay has been high for too long... particularly in the banks, particularly in the investment banks, shareholders have done pretty badly and employees have done pretty well certainly over the last 10 years,' said RBS chairman Philip Hampton. 'That needs to be corrected. It actually isn't a society or fairness issue, it's a straightforward business issue. Too much of the money has not been going to the right place,' he added. Last month, Mr Hampton and RBS chief exec...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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