Rift Ends: RBS chief leaves $2.2 million bonus
In Britain, the salaries of top staff at RBS and Lloyds are particularly controversial.
LONDON:
Royal Bank of Scotland’s Chairman Philip Hampton will not pick up a 1.4 million pound ($2.2 million) stock bonus, the bailed-out bank said, following public anger and political squabbling over a 1 million pound bonus for its chief executive. Anger over bankers’ earnings has shown few signs of abating, with many still set for million pound salaries while elsewhere thousands lose their jobs as the global economy stutters in the face of Europe’s debt crisis. In Britain, the salaries of top staff at RBS and Lloyds are particularly controversial because both banks were bailed out to the tune of 66 billion pounds during the credit crisis, with Britain ending up with an 83% stake in RBS along with a 40% holding in Lloyds. “Sir Philip Hampton will not receive the 5.17 million shares he was awarded in 2009 when he joined RBS,” said a spokesman for the bank.
Published in The Express Tribune, January 29th, 2012.
Royal Bank of Scotland’s Chairman Philip Hampton will not pick up a 1.4 million pound ($2.2 million) stock bonus, the bailed-out bank said, following public anger and political squabbling over a 1 million pound bonus for its chief executive. Anger over bankers’ earnings has shown few signs of abating, with many still set for million pound salaries while elsewhere thousands lose their jobs as the global economy stutters in the face of Europe’s debt crisis. In Britain, the salaries of top staff at RBS and Lloyds are particularly controversial because both banks were bailed out to the tune of 66 billion pounds during the credit crisis, with Britain ending up with an 83% stake in RBS along with a 40% holding in Lloyds. “Sir Philip Hampton will not receive the 5.17 million shares he was awarded in 2009 when he joined RBS,” said a spokesman for the bank.
Published in The Express Tribune, January 29th, 2012.