PPI Claim News - 8/2/2010
Bank Reclaim: Bankers slash dividend payouts
The banking sector has slashed the income earned on shareholders' investments by more than half, new statistics show.
Figures released by Capita Registrar's Dividend Monitor, which analyses data provided by financial specialists Exchange Data International, showed the banks paid out £6.1bn less to shareholders in 2009 compared to the previous year.
State-owned banks, including the 84 per cent taxpayer owned Royal Bank of Scotland (RBS), were hardest hit, paying nothing in dividends for the year.
Paul Taylor, head of dividends at Capita Registrars, said that many of the independent banks are withholding payouts while they "rebuild their balance sheets".
The research also showed that over the past two years, UK companies have paid out £1 billion less in dividends than they have received in new equity, with the banking sector absorbing two thirds of the new cash.
Despite the drop in dividend payouts, media reports today suggest that RBS is preparing to shell out up to £1.3 billion to its investment bankers.
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