RBS Chief May Lose $15.8 Million in Bonuses, Sunday Times Says

Royal Bank of Scotland Group Plc (RBS) Chief Executive Officer Stephen Hester stands to lose about 10 million pounds ($15.8 million) in bonuses, the Sunday Times reported, without saying where it got the information.

Hester has lost 2.4 million pounds this year as the bank’s share price slumped and he turned down some payments after public pressure, the newspaper said. Further bonuses will only be paid out if shares surge more than fourfold in the next year, it said. Staff face losses of about 1 billion pounds in bonuses, paid mostly in shares since RBS was nationalized, the London- based newspaper said.

To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.