Sir Philip Hampton, chairman of the Royal Bank of Scotland (RBS), has defended bankers’ bonuses as necessary in order to recruit the best employees, the Guardian reports.

He said that chancellor Alistair Darling’s decision to apply a 50 per cent levy on bonuses could hamper banks’ ability to hire and retain top quality staff.

The public stake in RBS will grow to 84 per cent as the banking group joins the government’s asset protection scheme, and under the terms of the scheme the Treasury will have control over bonus payments.

The bonus tax is likely to put more pressure on finance graduate schemes with the possibility that fewer places will be available in the future.

Candidates who have access to the latest careers advice put themselves in the best possible position to secure finance graduate jobs.

This week, European Union regulators approved a restructuring plan for RBS which will see parts of the banking group’s business sold off to new entrants, including many of its high street retail branches.

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