Sir Philip Hampton, appointed chairman after the October 2008 bailout, said that the bank needed to be run on "commercial grounds" if taxpayers were to get their £45bn investment back. The taxpayer is currently sitting on £20bn of losses on its 82% stake, despite the 2% rise in the shares to 28p by 8.30am.
However, the bank ignited the row over City pay as it prepared to pay out bonuses to its 17,000 investment banking staff and even as it attempted to show pay restraint by freezing the salaries of its 10,000 most senior staff and its investment banks. It insisted bonuses were down, but average staff costs inside the investment bank remained steady at £144,000.
If only they could operate as they did before they needed to be taken over by the government!!!