Select moments from the Select Committee

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Missed yesterday's Select Committee interview of John Varley, Eric Daniels, António Horta-Osório (Abbey), Paul Thurston (HSBC UK) and Stephen Hester? Here are the paraphrased significant sound bites (taken from The Times live blog of the occasion).

Hester: No bonuses will be paid to those responsible for the losses at RBS. But he must "agonise and reckon with" incentivising staff to "get us out of this". RBS cannot afford to treat its staff worse than its peers.

Thurston: HSBC is moving towards the deferral of bonus payments.

Hester (again): It is interesting to note that many of these laid off by Lehmans and Bear Stearns were quickly re-hired.

Varley: It would be wrong to say that Barclays will get rid of short term cash bonuses. They are needed by branch staff.

Hester (again): Asked if he has taken legal advice regarding 'breaking contacts' (ie. not paying guaranteed bonuses) - "Yes".


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