Nov. 20 (Bloomberg) -- Royal Bank of Scotland Group Plc 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 email@example.com
To contact the editor responsible for this story: Claudia Carpenter at firstname.lastname@example.org