Bank bosses took home £122m in past five years

BOSSES at troubled banks Royal Bank of Scotland, HBOS and Lloyds TSB earned a combined £122 million in the last five years, new research has revealed.

An analysis of company accounts by think tank the Labour Research Department has shown that the banks paid out the sum in cash and bonuses to their executive directors. It included £64m in bonuses alone and doesn't even include shares paid out to directors over the period.

The biggest earner was departing RBS chief executive Sir Fred Goodwin, who received £15.5m in total.

HBOS chief executive Andy Hornby, who is also to step down when the proposed Lloyds TSB takeover concludes, received £6.6m.

And Lloyds TSB chief executive Eric Daniels, who will head up the new Lloyds Banking Group, received £10.2m.

Derek Simpson, joint leader of the trade union Unite, said: "Many of the short-term, high-risk decisions made by executive directors have proven to be disastrous for the economy.

"Directors will be foregoing their cash bonuses this Christmas but, thanks to them, millions face uncertainty in the new year."