The Royal Bank of Scotland has reported its fourth year of losses since the bank's bailout in 2008.
The bank posted an attributable loss of £2bn in 2011, up from a loss of £1.1bn in 2010.
RBS' investment bankers will share a bonus pool of £390m, less than half the amount awarded last year.
It comes after chief executive Stephen Hester turned down his bonus, worth nearly £1m, following political pressure.
RBS is 82% owned by the state after its £45.5bn bailout in late 2008 at the height of the financial crisis.
Mr Hester was appointed chief executive at the end of 2008 to replace Fred Goodwin, who was recently stripped of his knighthood over the collapse of the bank.
RBS' chairman, Sir Philip Hampton, has given up £1.4m worth of shares he was due next month.
Analysts say that Mr Hester has been reorganising RBS and selling off its "non-core assets" to revive its profitability.