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

Published on Feb 4, 2012

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 executive Stephen Hester gave up their million pound bonus packages following intense public anger over the awards, with politicians from all of Britain's major parties calling on them to decline the payments.