RBS And Barclays Reveal More Than 500 Staff Earned Over £1m

The scale of mammoth pay packages in the banking industry was laid bare today as Royal Bank of Scotland and Barclays revealed that over 500 workers between them were paid more than £1 million last year.

In reports released just hours apart, taxpayer-backed Royal Bank of Scotland said it paid 93 staff more than £1 million, while 428 employees at Barclays also picked up pay deals worth over £1 million - including five who got more than £5 million despite a year of scandal and falling profits.

RBS, which is 81% owned by the Government, said total pay for its eight most senior executives was £21 million, although this was down 16% on 2011.

One of the bank's most senior workers earned £4.8 million, including long-term incentive shares that will pay out if certain future targets are met.

Its report also showed of the 93 employees in the millionaires' club, 36 earned between £1.5 million and £5 million and one was paid more than £5 million.

But the average salary across all its staff was £34,000.