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Head of nationalised UK bank RBS declines his bonus


United Kingdom

Head of nationalised UK bank RBS declines his bonus

Following public and political outcry in the UK over the weekend, Royal Bank of Scotland boss Stephen Hester has decided not to accept a bonus of almost one million pounds.

The Chief Executive was entitled to the payment in shares worth more than 1.1 million euros over the next three years.

However, there was anger over the size of the bonus for the head of a bank nationalised by the government after the crisis in 2008. RBS was bailed-out with taxpayer money and is now 82 per cent owned by the British public.

Chairman Philip Hammond also turned down his bonus.

Hester recently decided to cut 3,500 jobs at the bank.

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