RBS' John Hourican gets richer by 11 mn pound in a month
Royal Bank of Scotland's global banking and markets head John Hourican has become richer by whopping 11 million pound on paper in a month following a bumper award of shares and options last month.
By PTI |
LONDON: Royal Bank of Scotland's global banking and markets head John Hourican has become richer by whopping 11 million pound on paper in a month following a bumper award of shares and options last month, thanks to a sharp rally in the company's share price, says a media report.
"John Hourican, head of global banking and markets at the part-nationalised Royal Bank of Scotland, is 11 million pound richer on paper, following a bumper award of shares and options last month," the Telegraph said in a report.
Hourican was granted 21.3 million shares and 7.4 million options and the options are exercisable at 28.2 pence.
The report said, "Originally worth 6 million pound, the package has nearly doubled in paper value, thanks to a sharp rally in RBS's share price since then."
Quoting a RBS spokesperson, Telegraph said : "All share awards are entirely hypothetical until and unless he succeeds and RBS succeeds in its core mission.
"No rewards for failure means that this award is subject to exacting performance criteria, up to 100 per cent clawback. He won't receive a penny if he doesn't deliver for the Group and its shareholders," the daily added.
Meanwhile, in order to retain staff, RBS has also given guaranteed bonuses in a "tiny number of cases", the report said. Lloyds Banking group, also partly state-owned, has offered similar packages.
"John Hourican, head of global banking and markets at the part-nationalised Royal Bank of Scotland, is 11 million pound richer on paper, following a bumper award of shares and options last month," the Telegraph said in a report.
Hourican was granted 21.3 million shares and 7.4 million options and the options are exercisable at 28.2 pence.
The report said, "Originally worth 6 million pound, the package has nearly doubled in paper value, thanks to a sharp rally in RBS's share price since then."
Quoting a RBS spokesperson, Telegraph said : "All share awards are entirely hypothetical until and unless he succeeds and RBS succeeds in its core mission.
"No rewards for failure means that this award is subject to exacting performance criteria, up to 100 per cent clawback. He won't receive a penny if he doesn't deliver for the Group and its shareholders," the daily added.
ADVERTISEMENT
Meanwhile, in order to retain staff, RBS has also given guaranteed bonuses in a "tiny number of cases", the report said. Lloyds Banking group, also partly state-owned, has offered similar packages.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
