RBS Boss Turns Down Bonus Again

The Chief Executive of the Royal Bank of Scotland has waived his bonus for this year following the RBS computer failure that left many customers unable to access their accounts.

The bank and its subsidiaries, NatWest and Ulster Bank, are still struggling to deal with a backlog that will leave many people without access to their cash until "early next week", the bank has said.

Chief Executive Stephen Hester said it was a time of "high emotion around financial services," the BBC has reported.

He confirmed that RBS is one of the banks being investigated about attempts to manipulate Libor interest rates.

The Financial Services Authority has already slapped a fine of £290m on Barclays for the malpractice.

Mr Hester, whose salary last year was £2.9m, said he "does not deserve" and "would not take" a bonus.

He turned down a bonus last year too.


Related UK National News Stories
Click here for the latest headlines.

08 February 2011
Banks Levy Aims To Raise £800m In 'Fair Contribution'
Chancellor George Osborne hopes to raise an extra £800m for the Treasury by increasing the levy on banks' profits this year. He said the move will aim to raise £2.5bn in future years as "banks make a fair contribution to closing the deficit".
27 January 2012
RBS Boss Awarded £936,000 Bonus
The Board of The Royal Bank of Scotland has confirmed it is to award its Chief Executive with a £936,000 bonus, despite a disastrous year.
10 February 2009
Bank Bosses Offer 'Profound Apologies' For Crisis
Ex top bankers blamed for Britain's financial crisis have apologised for their role in the disaster. All four bankers appeared before the Treasury Select Committee, and started their evidence with apologies for the "turn of events" which led to the banks being bailed out by the Treasury.
25 February 2010
RBS Posts Losses
The Royal Bank of Scotland (RBS) made losses of £3.6bn last year, results published today have revealed. According to the bank, it had experienced billions of pounds worth of bad loans. However, over £1.3bn of staff bonuses are still expected to be paid out.
30 January 2012
Hester Bonus Rejection Praised By Miliband
The Royal Bank of Scotland chief executive Stephen Hester has been praised after caving to political pressure to turn down his £1 million bonus. It emerged on Monday morning that Mr Hestor would surrender his payment, after being criticised over his performance at the now publicly owned bank, with Mr Miliband saying he had "done the right thing".