RBS boss Hester to get bonus despite LIBOR fine
Stephen Hester, chief executive of taxpayer-funded RBS, is expected to pocket the six figure sum next month as part of a reward scheme for his performance in 2010, Sky News reports.
Sir Philip Hampton, the bank’s chairman, told the Guardian the bank does not intend to block the bonus.
The bonus only relates to his work in 2010, with his bonuses for 2011 and 2012 waived following political outcry.
The award comes at a bad time for the bank. Last week RBS was fined a collective £391m for its role in the LIBOR scandal, with the FSA’s investigation finding over 200 “inappropriate” rate submissions.
The fines, made up of an £87.5m FSA fine and over £300m in US penalties, relate to “widespread” misconduct at the bank when submitting its London Interbank Offered Rate.