Royal Bank of Scotland has handed its new finance director almost £2m in shares on his first day in the job at the bailed out bank.
Ewen Stevenson was awarded 584,506 shares, which will be released to him over three years to buy him out of pay deals he left behind at his previous employer, Credit Suisse.
He is on an annual package worth £1.9m a year, made up of an £800,000 salary, £280,000 in pension contributions, £26,250 in benefits and £800,000 in "allowances", a vehicle used by banks to get round the EU bonus cap.
The government has refused to allow RBS to pay bonuses of 200% of salary, subjecting the bank to the full EU cap that limits them to 100% of salary. This means the maximum Stevenson will receive is £3.8m, if he meets all the targets for his bonuses.
Recruited after Nathan Bostock quit to join the UK arm of the Spanish bank Santander, Stevenson takes on the role as the bank battles to return to profitability after reporting more than £8bn in losses for 2013.
His salary is larger than the £765,000 Bostock received.
Stevenson was born in the UK but raised and educated in New Zealand. .
Standard Chartered also hired a new finance director on Monday, naming the former finance director of Vodafone, Andrew Halford, to replace Richard Meddings. Halford will receive £2.8m of shares to buy him out of outstanding pay deals from his previous employer, an £850,000 salary and allowances of £700,000.
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