RBS Cuts CEO's Potential Share Award 40% After Ninth Annual Loss
- McEwan earned 3.5 million pounds last year, little changed
- Bank’s million-euro earners fall to 87 from 101 in 2015
RBS Plans to Cut Costs by $2.5 Billion as Losses Mount
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Royal Bank of Scotland Group Plc cut Ross McEwan’s potential share award this year by about 40 percent after the bank made its ninth consecutive annual loss. The overall bonus pool for 2016 shrank by 8 percent to 343 million pounds ($430 million).
McEwan could receive a maximum of 1.75 million pounds in deferred shares this year, down from 2.87 million pounds in 2016, according to the Edinburgh-based lender’s annual report published Friday. He was paid a total of 3.5 million pounds last year, little changed from the year before, as he missed targets in his long-term incentive program, including for shareholder returns, customer trust and employee engagement.