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November 1, 2010    

RBS hires bonus dealmaker

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by Kay Murchie

The Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, is set to reignite its dispute over bonuses after hiring John McIntyre.

Mr McIntyre, the former Lehman Brothers banker, is a renowned figure in the City after successfully suing his former employer, Dresdner Kleinwort, for a £2 million bonus.

He will join RBS as head of corporate finance. However, it is understood that RBS will officially confirm the announcement this week.

However, the appointment is likely to add fuel to the fire as RBS prepares to negotiate with the Treasury and UK Financial Investments, over its year-end bonuses.

Last year, the bank was heavily criticised for awarding £1.3 million in bonuses suggesting the payments were necessary in order to attract the best staff.

The bonuses came despite a £5 billion loss for the bank.

The bank is due to announce its third quarter results this week and it is expecting to reveal a profit of £128 million for the three month period.

The bank has axed around 26,000 jobs since the onset of the financial crisis.

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