herald

Tuesday 26 September 2017

BANKING

Fury as RBS chief is handed ¤1.15m bonus

The head of Royal Bank of Scotland has been handed a bonus worth nearly £1m (€1.15m), just as the bank is in the process of laying off 3,500 employees.

The £963,000 bonus has caused fury among British politicians with one Lib Dem government minister Jeremy Brown, insisting that RBS chief executive Stephen Hester had a public duty to refuse this massive bonus. RBS, which is 83pc state-owned, said that the board's decisions "recognise tangible achievement in the business and protect the interest of our shareholders, including, of course, the UK taxpayer".

The company said the bonus "reflects the significant contribution [Mr Hester] has made towards rebuilding RBS in 2011".

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