Bank staff look forward to record bonuses

Staff at Royal Bank of Scotland are set to receive record bonuses of more than £2,000 each this month after helping the bank to bumper profits.

RBS, now Europe’s third largest bank, recorded a pre-tax profit of £7.9bn in 2005, a 21% rise from the previous year.

All employees, including those who joined the bank in January this year, stand to receive a bonus equivalent to 10% of their salary in the £232m profit-share scheme.

Profits from the bank’s retail business rose by 4% to £4.2bn, including a 1% rise in retail bank profits – the Royal Bank of Scotland and NatWest high street operations – to £3bn.