The bosses of Britain's biggest banks are taking multi-million pound pay cuts in recognition of the struggle faced by their customers as a massive recession strikes.
Chief executives at HSBC, Lloyds and Natwest owner Royal Bank of Scotland will no longer get bonuses for 2020, while a number of top executives are donating a chunk of their salaries to coronavirus-related charities. Barclays boss Jes Staley will give a third of his salary to good causes.
The bosses of the nation's so-called big four banks were paid £19.6m between them in 2019.
Several of the pay cuts were announced after top banking executives spoke to chancellor Rishi Sunak to discuss their progress on issuing government-backed loans to small businesses. The industry has come under attack for allegedly dragging its feet over handing out emergency cash needed to keep small firms afloat.
三级成人视频One banking insider said the industry had made decisions on pay without being forced by the Bank of England.
Threadneedle Street last week ordered banks to scrap their dividend payments and urged them not to give bonuses to senior staff.
On Monday, the Investment Association trade group said that firms which reduced their dividends should also consider cuts to bosses' pay.
RBS said its chief executive Alison Rose has agreed to donate 25pc of her £2.2m salary to charity, as will the lender's chairman Howard Davis. Ms Rose will also forego her 2020 bonus, which is worth of up to £1.9m.
In a memo sent to HSBC staff, chief executive Noel Quinn said he will donate a quarter of his £1.3m charity for the next six months to charity and will not take a bonus worth up to £2.7m. Finance chief Ewen Stevenson is doing the same while Mark Tucker, the bank's chairman, is donating all of his 2020 salary to charity.
三级成人视频HSBC rival Standard Chartered said its chief executive Bill Winters and finance boss Andy Halford were also foregoing their bonuses and will make significant personal donations to a Covid-19 assistance fund.
Lloyds chief Antonio Horta-Osorio and finance chief William Chalmers will also not receive a bonus this year.
Barclays announced earlier this week that chief executive Jes Staley and finance head Tushar Morzaria will give a third of their salaries to charity for the next six months. It did not say if a decision has been made on the bankers' bonuses for 2020.
三级成人视频Santander UK has not yet announced any changes, although its Spanish parent firm's chairman Ana Botin has already donated half of her pay to a virus fund.
The bonus announcements came hours after RBS chief Ms Rose revealed that the government is considering taking emergency stakes in companies on the brink of collapse due to coronavirus.
Ms Rose, who became the chief executive of the taxpayer-backed bank late last year, told Sky's Ian King that business owners are facing a "tough choice" over whether or not to take on extra debt with emergency loans.
三级成人视频However she said ministers are now considering taking equity stakes in some companies in return for financial support. "Looking at equity solutions is now one of the things they're considering."
三级成人视频The move would echo emergency measures used by the Treasury during the 2008 financial crash to recapitalise banks. A 62pc stake in RBS is still owned by the taxpayer after its £46bn crisis-era bailout.
Ms Rose revealed that the Treasury was looking to inject funds into corporate casualties days after sources said that a City figure who has worked for the Government before had been approached to lead a “bailout taskforce” which would inject vital funds into potential corporate casualties in return for equity stakes.
Banks have come under attack over their handling of a government-backed coronavirus aid scheme which makes up to £5m of emergency low-interest credit available to small companies.
三级成人视频Some businesses have complained that instead of being offered the loan scheme, they were pushed towards more expensive products from which the banks can make a healthy profit.
Rishi Sunak overhauled the initiative last week after finding that less than one in 100 companies expressing an interest had received any cash.
三级成人视频Stephen Jones, who runs bank lobby group UK Finance, said the reforms have helped with the value of loans issued doubling to £453m between Friday and Tuesday evening.