£15m in bonus as Rock cuts losses (From Northwich Guardian)

£15m in bonus as Rock cuts losses

8:10am Wednesday 10th March 2010 in

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Northern Rock will pay £14.9 million in bonuses to staff after losses narrowed last year.

The bank reported a pre-tax shortfall of £257.5 million for the 12 months to December 31, compared with a £1.36 billion loss in 2008.

Northern Rock, which completed its restructure into "good" and "bad" banks at the turn of the year, said the bonus payment came after staff met agreed objectives over the year.

Chief executive Gary Hoffman waived his entitlement to a bonus under the scheme and the bank said it was designing a reward scheme for him that would take into account the performances of both of the newly created banks.