11 MAR 2011
By Lucy Farndon | Daily Mail
Royal Bank of Scotland was branded ‘a disgrace’ after handing its chief executive Stephen Hester a £7.7million pay package for last year – even though the bailed-out bank lost more than £1billion.
The bank revealed that Mr Hester and eight of his top team are sharing a bonus and shares windfall totalling £28million for 2010, despite presiding over a dismal performance.
Mr Hester gets a £1.2million base salary, plus a £2.01million bonus in shares and the chance to get a further £4.45million under a long-term incentive scheme.
The huge rewards were denounced by unions as a sign that greedy bankers are out of touch with reality at a time when the rest of the country is suffering.
It came just one day after Barclays revealed staggeringly high payouts that make a mockery of the recent Merlin deal on pay and lending.
Barclays’ two investment banking bosses, Jerry del Missier and Rich Ricci, were handed packages worth a total of £47million and £44million respectively for last year. And its chief executive Bob Diamond racked up £27million from pay and share schemes.
Len McCluskey, General Secretary of union Unite, said: ‘These bonuses are a disgrace.
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