Saturday, June 30, 2012

RBS boss Stephen Hester forgoes bonus as grovelling letter reveals IT glitch that caused misery for thousands originated in Edinburgh and NOT India

Royal Bank of Scotland boss Stephen Hester gave up his bonus yesterday as the computer meltdown which has caused misery for millions entered its 11th day.

Mr Hester admitted he did not deserve a bonus for this year, which could be worth as much as £2.4million, adding that bankers should be ‘servants of the customer’ rather than behaving like ‘masters of the universe’.

It is the second year in a row he has been forced to give up his bonus.

Hester also confirmed the state-backed bank is one of the lenders being investigated by the Financial Services Authority for rigging crucial interest rates, after Barclays was fined £290million by US and UK regulators.

It has been reported that RBS could be in line for a fine of £150million, although the bank yesterday dismissed this as speculation. Read More