You know, the one that was the largest bank in the world, was pretty much ignored by UK regulators for too long, needed a multi-billion pound bailout (equivalent to £617 per UK citizen) and ‘we’ now own 81% of it?
Yes that one. Well, a bit of a quirky and controversial stance by RBS.
They have appointed a new boss this week (Ross McEwan) and broke the mould for a top banker……he will get no bonus. That’s right, the penny has dropped. He is living on his salary alone and is not expecting to receive bonus payments until at least 2017.
It’s taken nearly 5 years of head scratching but the Banking Sector might actually get it……this is progress.
The bizarre thing is, this was not a Government, Regulator or RBS stance / initiative……it was the idea of Ross McEwan himself. All very commendable.
Don’t weep too hard for this financial sacrifice though……there is the small matter of McEwan’s £1 million a year salary.
It’s a start.
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