Royal Bank of Scotland's
(RBS) CEO won't be getting any of his £2.4 million bonus in cash under new government plans, according the
The UK paper said Stephen Hester will get his bonus in shares instead.
Furthermore, he wouldn't be able to cash in on the bonus until years later, according to the report.The new plan was devised by the government and RBS' board, the Mirror said. This, as heads of the Treasury held meetings with banks such as partially government-owned RBS, Lloyds (LYG) and HSBC to help pacify public anger over bank bonuses. The paper noted that both Hester and Barclays' (BCS) former CEO John Varley waived their annual bonuses last year.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV