RBS bankers get £950m in bonuses despite £1.1bn loss:

More than 100 bankers at Royal Bank of Scotland were paid more than £1m last year and total bonus payouts reached nearly £1bn – even though the bailed-out bank reported losses of £1.1bn for 2010.

The chairman, Sir Philip Hampton, said the number of millionaires was lower than a year ago and said a quarter of the group’s 18,700 investment bankers would not receive a bonus from the £950m payout pool agreed with UK Financial Investments, which controls the taxpayer’s 83% stake in the bank. Unions were baffled that any bankers were getting bonuses.

The unions are not the only ones who are baffled.