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Responding to the news recently (Monday) that the head of HSBC is to be given a bonus of £2million just days after the chief executive of Lloyds was awarded a bonus of £1.5m, TUC General Secretary Frances O'Grady said:

'The culture of entitlement is alive and well in the City. At a time when real wages are falling for the vast majority of people, the banking sector is continuing to hand out huge bonuses as if they were pocket change.

'The government should be following the example of Switzerland and making a concerted effort to curb executive pay. However, George Osborne seems intent on preserving the status quo by refusing to accept the case for wide-ranging reform.'

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