RBS Bankers Receive £2.7m in Shares as Bonus

RBS

Four top bankers at Royal Bank of Scotland have been handed £2.7m in shares from bonuses that were awarded to them by the bailed-out bank three years ago.

The largest award was handed to Ellen Alemany, the outgoing head of the US arm Citizens, who received just under £1m. Nathan Bostock, the current head of risk who is being promoted to finance director, received £670,000, while Chris Sullivan, business banking head, received £480,000.

Ron Teerlink, the head of the bank's back office operations who is to leave later this year, received £650,000.

None of the bankers received the total number of shares they were first awarded in May 2010 as they hit performance targets that entitled them to only a third of the maximum.

Chief executive Stephen Hester and outgoing finance director Bruce van Saun missed out on bonuses under the scheme after failing to reach any of the performance targets attached to their share awards.

The bank only disclosed the number of shares of the four bankers received after they had sold shares to pay taxes but the Guardian made estimates of the total number of shares that they would have received before the share sales.

Powered by Guardian.co.ukThis article was written by Jill Treanor, for The Guardian on Wednesday 22nd May 2013 19.30 Europe/London

guardian.co.uk © Guardian News and Media Limited 2010

 

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