UKFI says resisted government attempt to cut RBS, Lloyds pay
LONDON Nov 12 (Reuters) - The body that owns Britain's bank stakes resisted proposals by the government to cut bonuses at Royal Bank of Scotland and Lloyds more sharply, its boss said on Tuesday.
Robin Budenberg, chairman of UK Financial Investments (UKFI), said Finance Minister George Osborne had proposed steeper cuts in bankers' pay than were "commercially acceptable", and so the body limited the scale of the cuts.
"I believe we make sure that banks are able to run in the best interests of their shareholders," Budenberg told lawmakers at a hearing by UK lawmakers. The lawmakers had questioned whether UKFI was run at "arm's length" from the government, and made its decisions purely based on commercial grounds.
- Malaysia military tracked missing plane to west coast: source |
- Malaysia air probe finds scant evidence of attack: sources |
- Ukraine forms new defense force, seeks Western help |
- Freescale loss in Malaysia tragedy leads to travel policy questions
- Front companies, embassies mask North Korean weapons trade - U.N