RBS pays 5 mn pound bonus to 4 senior execs: Report
Banking major Royal Bank of Scotland has offered share bonuses worth about five million pound to four of its senior executives, a media report says.
By PTI |
LONDON: At a time when the British economy continues to reel under economic turmoil, banking major Royal Bank of Scotland (RBS) has offered share bonuses worth about five million pound to four of its senior executives, a media report says.
"Royal Bank of Scotland has handed four of its senior executives share bonuses worth close to five million pound, risking fresh accusations of excessive executive pay at banks that had to be rescued by taxpayers," the Sunday Times reported.
Ellen Alemany, the head of the bank's American business, could receive about six million shares in RBS under the bonus deal - worth 2.4 million pound based on Friday's closing price, the daily said.
The other three senior executives who have been promised shares under the scheme, include Alan Dickinson, Chris Sullivan, and the bank's Chief Administration Officer Ron Teerlink.
The report cited Vince Cable, the deputy leader of the Liberal Democrats, describing the bonus payments as "completely unjustifiable" and "utterly unacceptable".
"Without the billions poured into RBS by the taxpayer there would be no company. This is not the right time for the bank to be awarding such bonuses - especially to senior staff," Cable revealed media reports.
"Royal Bank of Scotland has handed four of its senior executives share bonuses worth close to five million pound, risking fresh accusations of excessive executive pay at banks that had to be rescued by taxpayers," the Sunday Times reported.
Ellen Alemany, the head of the bank's American business, could receive about six million shares in RBS under the bonus deal - worth 2.4 million pound based on Friday's closing price, the daily said.
The other three senior executives who have been promised shares under the scheme, include Alan Dickinson, Chris Sullivan, and the bank's Chief Administration Officer Ron Teerlink.
The report cited Vince Cable, the deputy leader of the Liberal Democrats, describing the bonus payments as "completely unjustifiable" and "utterly unacceptable".
"Without the billions poured into RBS by the taxpayer there would be no company. This is not the right time for the bank to be awarding such bonuses - especially to senior staff," Cable revealed media reports.
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