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