How Much Land Does a Man Need?

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The UK arm of Spanish bank Santander handed 19 of its bankers more than £1m last year, including its chief executive Ana Botín who received £4m. Lord Burns, the former Treasury mandarin who for a decade has chaired the former Abbey National business, which Santander bought in 2004, received a pay rise from £520,000 to £600,000 after the bank concluded he had fallen behind his peers. To comply with a request by the UK government to disclose the pay of the eight highest-paid bankers who are not executive directors, Santander revealed they all received more than £1m and shared more than £11m in total. European rules require the banks to disclose the number of "code staff" – those who take and manage risks. Santander employs 55 such staff who received an average of just over £830,000. The bank said four received a total of £2.8m to buy them out of deals at previous employers, while one received a payoff of £322,000. The bank has voluntarily revealed the number of bankers paid more than £1m – following the trend set by Barclays a week ago when it published for the first time the scale of the pay of its 140,000 staff. Barclays admitted 428 of its bankers received £1m or more[->0] while bailed-out Royal Bank of Scotland revealed that 95 of its staff topped the £1m pay scale. The revelations about these pay policies led Simon Walker, the director general of the Institute of Directors, to attack the banks for making "unacceptable" payments[->1]. "Thousands of people in those two companies alone earn more even than the prime minister. This is in scandal-hit companies who have had a far from successful year," Walker added. Santander pulled out of a deal with RBS to buy 632 branches during the year and was hit provision for mis-selling payment protection by Supreme Savings" href="#"...
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