20,000 employees get pay rise
Bonuses scrapped at RBS to remove selling pressure
Royal Bank of Scotland is scrapping bonuses for customer-facing employees in a move that will remove pressure on them to sell products.
The bank said the said it will affect 20,000 staff selling products such mortgages, credit cards and loans to individuals and businesses. They will get an average 5% pay rise instead.
RBS wants to focus staff attention on helping customers and claims to be the first major UK bank to take this step.
Les Matheson, chief executive of personal and business banking for RBS and NatWest, said: “We want to become a stronger, simpler and fairer bank and be the number one for customer service, trust and advocacy. We’ve already taken a number of steps toward this, such as challenging the industry practice of teaser rates.
Matheson added: “We know that our frontline teams are working hard, every day to do the right thing for our customers. I hope that these changes will go further in providing them with the confidence that every conversation they have with our colleagues is one based exclusively on their financial needs.
“Our employees will not lose out as a result of this – they will receive an increase to their annual base pay and the way we pay them will be simpler and fairer.”