The successful London traders receiving £2k cash bonuses
Top traders at NatWest Markets are being informed of their bonuses this week. Some may receive nothing at all.
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Today's Pillar 3 report from NatWest, which shows the number of material risk takers (MRTs) in total and the number receiving bonuses, shows that of the 686 MRTs registered at NatWest last year, only 640 received a bonus. 46 MRTs across the bank, who include top traders and executives, received nothing at all.
Today's report also shows that the bonus pool allocated to traders at the bank fell 8% last year.
The fall occurred as NatWest has obfuscated the performance of its traders. NatWest Markets is now part of the Commercial & Institutional business segment, which includes international corporate banking. Operating profits in the combined division rose 28% last year versus 2022.
The decline in the bonus pool for senior RBS traders comes as RBS still seems to paying them allowances and doesn't appear to have cut salaries, despite the removal of the bonus cap. As in previous years, bonuses are almost entirely paid in deferred stock: only the first £2k is immediately available cash.
Across the bank as a whole, RBS paid 74 people more than €1m last year and 11 people more than €2m. In 2022, it paid 81 people more than €1m and 11 more than €2m. Top traders are clearly being rewarded no matter what.
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