Chairman Sir Philip Hampton went seriously off-message yesterday, accepting the somewhat tenuous proposition that the comically-large bonuses of days gone by might have had something to do with the recent recession. On the bright side: R.B.S. has slashed bonuses by 75%, so no one needs fear another economic crisis.
Philip Hampton isn’t going to go so far as to say Stephen Hester earned it but he is going to to just put it out there that other bank CEO’s get paid a lot more, so if you think about it, Hester is barely making enough money to put food on the table. Relatively speaking.
The Royal Bank of Scotland Group PLC’s chairman on Friday acknowledged that the bank had miscalculated the public and political reaction to the £963,000 (around $1.5 million) bonus in shares awarded to Chief Executive Stephen Hester, who subsequently turned down the payment…”We knew it would be a difficult reaction, but the speed and scale of […]