New RBS chief to receive no bonus this year or next

No Pot Of Gold

The incoming chief executive of Royal Bank of Scotland will take no bonus for his work in the role this year or 2014.

BBC News reports that the new Chief Executive of the Royal Bank of Scotland will not receive a bonus for this year or for 2014.

Ross McEwan, 56, will take over from Stephen Hester in October as the bank has reported pre-tax profits of £1.4bn in the first half of the year.

Despite the results rising from a £1.7bn loss on the previous years’ results, the bank’s share price finished down 3.3% on Friday with investors disappointed there hadn’t been more improvements.

McEwan, will take up a £1m a year salary, £200,000 less than the current Chief Executive.

Current chief executive Stephen Hester said he had been impressed by McEwan's detailed operational and customer-focused skills.

'He has got, I think, a really good personality, gets on well with people, a sense of leadership but not domination, and one that I think will do the human things of leadership that are needed to be done, well', he told analysts.

The Chancellor of the Exchequer, George Osborne welcomed the appointment.

To access the complete BBC article hit below:

New RBS Chief Ross McEwan to receive no bonus this year or next 

FTSE 100 rebounds after Friday losses

Barclays stock hit by £5.8bn cash call to plug shortfall

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News