RBS board survives revolt over pay

RBS building

The board of Royal Bank of Scotland survived a potential shareholder revolt over executive pay packages yesterday, but warned of continued difficult times ahead as the loss-making bank continues to look to slash costs.

The Scotsman reports that although chief executive Ross McEwan said “significant challenges still lie ahead”, he also predicted that the heaviest restructuring “will be behind us” by the end of 2016.

McEwan told the annual general meeting in Edinburgh that RBS will be able to focus on targeting “attractive, balanced and sustainable financial returns” in 2017.

But he said the bank – which last week reported a first-quarter pre-tax loss of $1.4bn, more than double last year’s $646m – will need to find $1.16bn worth of cost savings this year, as it looks to adapt to an environment where “the macroeconomic outlook remains uncertain”.

To access the complete Scotsman article hit the link below:

RBS board survive revolt over executive pay

RBS boss looks ahead to ‘sustainable financial returns’

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