Lord Mandelson has urged the banking sector to show "restraint" on pay, amid government estimates that 5,000 City bankers will earn more than £1m this year.The business secretary called on all banks to avoid excessive payouts to senior staff, when quizzed this morning on the ongoing row about Royal Bank of Scotland's bonus pool."I think it's banking practice, not only in this country but around the world, for these bonuses to form an integral part of the salary structures of those they employ at senior level," Mandelson told BBC Radio 4."But equally we believe that there has to be restraint exercised by these banks."
Lord Mandelson has urged the banking sector to show "restraint" on pay, amid government estimates that 5,000 City bankers will earn more than £1m this year.
The business secretary called on all banks to avoid excessive payouts to senior staff, when quizzed this morning on the ongoing row about Royal Bank of Scotland's bonus pool.
"I think it's banking practice, not only in this country but around the world, for these bonuses to form an integral part of the salary structures of those they employ at senior level," Mandelson told BBC Radio 4.
"But equally we believe that there has to be restraint exercised by these banks."
LONDON (Reuters) - Prime Minister Gordon Brown moved to allay fears of a mass walk out by the board of Royal Bank of Scotland, saying it would not be singled out for unduly harsh treatment over bonuses. In a rare move by politicians to calm the global backlash against big payouts to bankers, Brown said nobody was being "discriminated against" while his business secretary Peter Mandelson said he understood the concerns of RBS directors.
LONDON (Reuters) - Prime Minister Gordon Brown moved to allay fears of a mass walk out by the board of Royal Bank of Scotland, saying it would not be singled out for unduly harsh treatment over bonuses.
In a rare move by politicians to calm the global backlash against big payouts to bankers, Brown said nobody was being "discriminated against" while his business secretary Peter Mandelson said he understood the concerns of RBS directors.
