herald

Wednesday 20 September 2017

... now meet the Dublin-born boss set for a €5m bonus as staff face dole

THE Irish boss who will send hundreds of Ulster Bank employees to the dole queues is in line for a staggering €5m bonus.

Dubliner John Hourican (41) is the senior executive at Royal Bank of Scotland and the person who has ultimately put 5,000 bank staff out of work .

Hourican is head of RBS's troubled investment banking division and is due to receive a £4.3m (€5.1m) windfall in April, it was reported today.

RBS, which is 83pc owned by the UK taxpayer after the British government bailed it out in 2008, has declined to comment on Mr Hourican's bonus package.

But the Financial Times (FT) said that filings show he was awarded 21,276,596 shares and a further 7,446,809 options in April, 2009, subject to meeting unspecified performance targets over a three year period.

He was awarded the shares and options as part of an initiative to restructure the group following its disastrous tie up with Dutch lender, ABN AMRO, UK media reports said.







Excessive

At current prices, the bonus could be worth €5.1m. Unite, the union that represents junior staff at RBS in the UK, launched a fierce attack on the payout to Mr Hourican.

David Fleming, union head of Unite, said that on Tuesday that British PM David Cameron toured the television studios "positing as a prime minister tough on excessive pay awards". On Wednesday, they saw "the 84pc government-backed bank completely ignoring his pleas".

Within Mr Hourican's global banking and markets division, as many as 10,000 jobs are at risk from a radical restructuring of RBS "that will see the business nearly halved in size over the next several years", the FT said, quoting "people familiar with the situation."

Mr Hourican was awarded an all share bonus of £2.5m (€3m) last year at the lower end of the industry, it said.

He grew up in Ireland, studied Economics and Sociology at the National University of Ireland and received a Postgraduate Diploma in Accounting from Dublin City University.

He is a Fellow of the Institute of Chartered Accounts in Ireland.

He started his career at Price Waterhouse, where he worked in Dublin, London and Hong Kong and joined RBS in 1997.

mlavery@herald.ie

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