Five top investment bankers at RBS (LSE: RBS.L - news) are in line to pick up around £30m in bonuses and pay despite the fierce public backlash against bumper pay-outs at the taxpayer-controlled lender.
They are in line to take a big share of the bank's controversial £500m bonus pot.
The five are Michael Lyublinsky, head of investment bank's US arm; Scott Eichel, who runs securitised products and US credit; Peter Rading, co-head of fixed income, currencies and commodities (FICC); Peter Nielson, who leads markets globally; and Brian Reid, who runs research and strategy.
Speaking at the at the EU Leaders Summit in Brussels David Cameron hit out at RBS, saying the bank needed to “do a better job,” especially “when they have had so much money from the taxpayer and they had made so many mistakes in the past.”
“What needs to happen is a sense of restraint, which is what the Government urged on RBS,” said Mr Cameron.
Over the past three years, Mr Lyublinsky, Mr Eichel, Mr Rading, Mr Nielson and Mr Reid have consistently ranked among the top five paid people at RBS earning much more than Stephen Hester, the bank's chief executive.
Mr Hester was this week forced to waive his £963,000 bonus after a political and public furore. He will still get £1.2m basic pay and a £420,000 contribution to his pension.
Including long-term incentive plans, Mr Hester has been awarded £26.5m in shares and pay over the past three years though the share bonuses are yet to vest.
However, RBS insiders say the real money at the bank is being made by those off its main board. This way the bonus payout does not have to be declared.
In 2010 the quintet named above each earned between £7m and £12m in compensation. Some saw that pay drop by as much as 15pc last year. However, Scott Eichel, whose pay is aligned to the money made in mortgage sales, still commanded a big bonus.
This year, sources say RBS's pay is expected to be down another 10pc-20pc. However that still leaves the five all who work at the investment banking division - set to take home £30m between them.
The value of RBS shares halved in 2011 and the investment bank which made 70pc of RBS's profits in 2009 - has been forced to restructure, with 3,500 jobs being axed.
Redundancy costs could run to several hundred million pounds, and according to analysts at Credit Suisse (NYSEArca: CSMA - news) , the restructuring process itself could cost RBS £3.4bn in the next three years.
A spokesman for RBS said the bank would not comment on individuals' pay and that the five's compensation would not disclosed. The bank also said decisions on bonus payments which RBS staff expect to be made at the end of February have yet to be made.
On Monday, the Government said it would not interfere in the pay awards of other RBS executives by demanding they follow Mr Hester's example and give up six-figure bonus packages.
Downing Street said ministers would not attempt to "micro-manage" the affairs of the bank - 83pc-owned by the taxpayer - and that it was for the board to set bonuses and for individuals to decide whether to accept them.
Some £580m was wiped off the value of RBS shares, which slipped 3.5pc to 26.76p on Monday, leading to concerns that the increasing focus on bankers' pay will lead to a flight of talent at the bank - making it all the more difficult to redeem the £45bn put into RBS by the taxpayer.
John Cridland, CBI director-general, said: "Stephen Hester found himself in an impossible situation. It is a sad day when a strong performance cannot be recognised."
Labour will use an opposition day debate in the Commons next Tuesday to urge Conservatives and Liberal Democrats to back a £2bn tax on bankers' bonuses, which they say could fund the creation of 100,000 jobs elsewhere.
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