Glass half full

Gratitude appears a dying virtue at ABN Amro. Some of the Dutch bank’s investment bankers are sore that the takeover by Royal Bank of Scotland hasn’t triggered immediate vesting of their bonus pots, as some other deals have done. RBS is standing by ABN’s existing terms which delay full payment for two years. But ABN’s bankers should really thank their lucky stars that they are in line for such huge payouts. They have received two windfalls. The first is ABN’s guarantee in the spring that bonuses...