From the TUC

Adding up the bank bonuses

20 Nov 2008, by in Economics

Unite have got the Labour Research Department to add up the salaries of bonuses of the top UK banks for the five years betwen 2003 and 2007.

Here’s the press release. (though I can’t find the full dossier online).

These are the main points:

“The dossier shows that the basic pay and cash bonuses (excluding share based payments) of just 5 CEOs at HBOS, Lloyds TSB, RBS, Barclays and HSBC totalled over £52 million.

“A few executive directors (named in the annual reports) of RBS, LTSB and HBOS, 3 banks which the government will take a £37bn stake in, have earned a combined £122 million in pay and bonuses including over £64 million in cash bonuses alone.

“Excluding share based payments, between 2003 and 2007, CEOs Fred Godwin (RBS) made £15.5 million, Andy Hornby made £6.9 million and Eric Daniels made £10,2 million.

“The total remuneration (excluding share based payments) for a handful of executives included in the annual reports of the major British finance companies and the majority of UK subsidiaries of overseas parents totals an astonishing £729.3 million.”