The Royal Bank of Scotland has announced a €4.7bn loss for 2014.
Despite the looses the bank still has a bonus pool worth some €575m.
The British taxpayer owns 79 percent of the lender after the government threw the bank a lifeline.
Despite that RBS chief executive Ross McEwan described the bonus pool as “fair pay.”
He added it is necessary to pay bonuses to attract quality people.
However, he said he would not be receiving a bonus this year.
RBS is to end investment banking in Africa and and the Middle East and reduce its presence in the US and Asia to concentrate on the UK and Europe.