Monday, January 9, 2012

RBS Executive Set For £4m Payout... Failure continues to be Rewarded

Check out the RBS Share Price 6 Month Chart.

A senior executive at state-owned Royal Bank of Scotland is reportedly due to receive a £4m bonus this year, despite the Prime Minister saying he plans to stop bosses being rewarded for failure.

John Hourican, the head of RBS' investment banking arm, is in line to receive the special bonus in April as part of a long-term incentive plan linked to the acquisition of ABN Amro in 2007, according to the Financial Times and Daily Telegraph newspapers.

However, responding to the report, an RBS spokesperson told Sky News that it was "completely inaccurate to imply that any decisions have been taken" over payouts.

Mr Hourican was chief financial officer at ABN Amro Group before heading RBS' investment bank.

The 71.1bn euro (£59bn) takeover of the Dutch bank played a significant role in the failure of RBS. Read More