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News : RBS Scraps Bonuses for Branch and Call Centre Workers
Edinburgh, Scotland, Nov 19, 2015 -- Royal Bank of Scotland said it was scrapping bonuses for customer-facing employees.
The state-backed lender said the move, which takes effect from 1 January, will mean workers based in branches and call centres at its personal and business banking operations would be "fully focused on helping customers with their financial needs".
In return for missing out on their annual bonuses, about 20,000 frontline staff at RBS and its NatWest brand will instead receive an average increase in their basic pay of about 5 per cent.
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.
"We’re determined to keep doing things differently but we can only continue to rebuild our customers’ trust if they truly believe that we are focused on helping them with their financial needs. This is why we are scrapping all incentives for customer-facing employees in our personal and business banking business."
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."
Posted by Veronica Silva Cusi, news correspondent
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About Royal Bank of Scotland:
The Royal Bank of Scotland plc (Scottish Gaelic: Banca Rìoghail na h-Alba) is one of the retail banking subsidiaries of the Royal Bank of Scotland Group plc, and together with NatWest and Ulster Bank, provides branch banking facilities in the United Kingdom. Royal Bank of Scotland has around 700 branches, mainly in Scotland though there are branches in many larger towns and cities throughout England and Wales.
Published: Monday, November 23, 2015