500 bank workers paid more than £1m

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The scale of mammoth pay packages in the banking industry has been laid bare as Royal Bank of Scotland and Barclays revealed that over 500 workers between them were paid more than £1 million last year.

In reports released just hours apart, taxpayer-backed Royal Bank of Scotland said it paid 95 staff more than £1 million, while 428 employees at Barclays also picked up pay deals worth over £1 million - including five who got more than £5 million despite a year of scandal and falling profits.