Royal Bank of Scotland awarded 10 executives a total of $2.8m in shares, as banks sidestep European bonus limits.
Bloomberg News reports that Chief Executive Officer Ross McEwan, 58, received stock valued at $413,649 more than investment bank co-heads Chris Marks and Mark Bailie, who got $400,046 each, the bank said in a statement on Wednesday. The role-based awards cover the first half of 2015.
The U.K.’s biggest banks are sidestepping European Union rules limiting bonuses to twice fixed salaries by paying allowances in shares, arguing the stock awards form part of basic compensation. HSBC said on Monday that it awarded 14 executives a total of $2.97m for the second quarter of the year.
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