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by Derek Loosvelt | February 17, 2009

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The Royal Bank of Scotland and its majority shareholder, the U.K. government, have agreed to a new bonus system, which RBS directors and executives can't be too happy about. The new deal includes no bonuses this year for any RBS employee who had anything to do with major losses in 2008, a 90 percent reduction of the 2009 bonus pool, and a pay freeze.

In other not-so-cheery RBS news, over the weekend reports surfaced about the bank considering cutting 20,000 jobs before the end of the month, when it's expected to unveil its next round of billions of dollars in losses.

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Filed Under: Finance

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