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Ah, it’s nice to see that we really are all in it together and that Stephen Hester (RBS CEO) is following the very long line of top executives, by leading by example.
Simply put, this is just pure and utter greed, happening at the most inappropriate time. And although the bonus is in stock options which can’t actually be cashed in until at least 2014, how can this excessive reward be justified, when thousands of RBS staff are having their own bonuses capped at a maximum £2,000. And one could argue that its actually the hard-working staff that are keeping the bank afloat by actually doing the work, answering the phone calls, finding the new business etc.
Its just disgraceful but shows how toothless the UK Government is in reigning in this kind of gratuitous greed. £1.2 million basic salary is already too generous for an employee of a majority-owned, nationalised institution (82% owned by us the UK taxpayer from what I understand), without yet a further bonus on top.
Tell you what, if RBS can afford to be this generous to ONE employee, then the UK Government should be demanding the repayment of several £billion of some of its initial loan that it gave to RBS in 2008. But of course that’ll never happen…