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 Mirror.
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.