Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

BonusesLatest NewsPay & benefits

TUC calls for bonus review at bailed-out banks

by Greg Pitcher 13 Oct 2008
by Greg Pitcher 13 Oct 2008

The TUC has called for a “wholesale review” of bonuses at the banks given a £37bn injection of taxpayers’ cash today.


The government this morning announced a package that will see taxpayers take a 60% stake in RBS and own 40% of the merged Lloyds TSB and HBOS bank. Chancellor Alistair Darling said senior board members at the banks would not receive bonuses this year.


Senior figures at the bailed-out banks left their posts. RBS chief executive Fred Goodwin quit, while its chairman, Tom McKillop, is to retire. HBOS chief executive Andy Hornby and chairman Lord Dennis Stevenson are also to stand down.


TUC general secretary Brendan Barber welcomed the government announcement, but he said: “The banks today have received as much cash as the annual defence budget. Taxpayers will want to see big changes in return.


“It is not enough to limit cash boardroom bonuses for a year and accept a few ritual resignations. There cannot be big payoffs for those who go, as was the case with Northern Rock.


“There needs to be a wholesale review of bonuses and pay throughout the upper levels of these banks, not just a year-long ban on boardroom cash bonuses.”


The Treasury earlier said that the recapitalisation scheme relied on banks agreeing to a range of commitments, including bonus structures and director appointments.


“In 2008, the government expects no cash bonuses to be paid to board members,” it said in a statement.


Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

“For remuneration policy going forward, incentive schemes will be reviewed and linked to long-term value creation, taking account of risk and restricting the potential for rewards for failure.”


The government also reserved the right to agree with boards the appointment of independent non-executive directors.

TUC
Greg Pitcher

previous post
Disability forum welcomes plans to help mentally ill at work
next post
University graduate takes 51 interviews to get a job

You may also like

Postmasters could take ownership of Post Office

14 Jul 2025

Ethnicity and disability pay gaps: Ready to report?...

14 Jul 2025

Manager dismissed after covert recording with HR wins...

14 Jul 2025

Food sector warned it is facing a workforce...

14 Jul 2025

Gregg Wallace investigation: 45 allegations upheld

14 Jul 2025

Black TV professionals’ experiences of racism are rife,...

14 Jul 2025

Steep reduction in recruitment in June

14 Jul 2025

Two-thirds drink to cope with work stress and...

14 Jul 2025

Why online training won’t help reduce sexual harassment

14 Jul 2025

Three-quarters more likely to stay with employer who...

14 Jul 2025

  • Empower and engage for the future: A revolution in talent development (webinar) WEBINAR | As organisations strive...Read more
  • Empowering working parents and productivity during the summer holidays SPONSORED | Businesses play a...Read more
  • AI is here. Your workforce should be ready. SPONSORED | From content creation...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+