RBS chief Hester 'set to get £800,000 bonus'
Sunday 10 February 2013
Printable
EmailScandal-hit bank RBS was reported today to be set to hand chief executive Stephen Hester a whopping £800,000 bonus just weeks after it was fined £391 million for fixing interest rates.
The 80 per cent state-owned bank was said by the Sunday Times to be on course to give Mr Hester £780,000 in shares next month as part of a reward scheme from 2010.
But other RBS bankers have been forced to give up their bungs.
Investment banking boss John Hourican, who has just quit, had been forced to give up his £4m bonus.
And it is said to have asked former directors, including disgraced ex-knight Fred "The Shred" Goodwin, to return bonuses awarded during the period the bank was rigging the Libor inter-bank interest rate.
So far it has had no success.
Lib-Dem peer Lord Oakeshott reportedly said today that it was "wholly unacceptable" that Mr Hester should get a bonus for 2010.
Mr Hester would be handed the shares next month, and would be able to cash them in a year.
Their exact value would depend on the share price when he cashes them in.
Mr Hester said last week he would stay to "finish the job" at the notorious bank.
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