Bailed out RBS splashes out on lavish event
Royal Bank of Scotland has come under heavy criticism for holding an extravagant Harry Potter themed party. The lavish event was held at the London Science Museum and was attended by around 400 senior executives and clients. It is thought to have cost around £100,000 at the expense of the taxpayer. The festive party has been described as the corporate bash of the year.
RBS had to be bailed out to the tune of £20 billion during the banking crisis in 2008 and is now 70% owned by the taxpayer. Understandably many are outraged at the event which included a recreation of Diagon Alley, where Harry and his wizard friends go shopping. There were also Quidditch players on broomsticks and flying Dementors. Guests were then treated to a viewing of the latest film, The Deathly Hollows, at the end of the night.
The party was held last month for senior bankers, clients and their families. Many of those were members of the RBS investment banking arm and are on around £1 million a year. Lower level workers at RBS are this year limited to a mere £10 each for Christmas celebrations.
RBS has defended its actions by claiming that spending time with customers is what strengthens business.