To pay or not to pay, that is the question.
Times have changed, however, in the wake of the financial crisis; and a more parsimonious era calls for a more modest approach. The banking elite have had to adapt, especially when the taxpayer’s money is at stake.
It meant that Ross McEwan, we are led to believe, on Friday became the first boss of a major lender to have talked himself into the top job partly on the basis of how little he was prepared to be paid. The low-profile, New Zealand-born next chief executive of Royal Bank of Scotland is officially Britain’s lowest paid bank boss, with a salary £200,000 lower than his predecessor Stephen Hester.
Admittedly, no one could argue that he will be struggling to survive on his annual salary of £1m – and the finer details of his pay have yet to be published, meaning his “austerity package” may turn out to be rather more generous than the bank has presented it. But, taking its claims at face value, RBS appears to have decided that its transfer budget for executives is more Championship than Premier League.
To access the full Telegraph article hit the link below.