RBS boss to implement cost-cutting measures despite receiving £3m in 2016

Here’s what happened

RBS boss Ross McEwan is mulling cutting costs after receiving pay of around £3m in 2016.

McEwan has previously admitted the bank will miss its targest to cut cost-income ratio by 2019 – thanks to the Brexit vote.

The bank is expected to unveil its ninth straight annual loss this month. The bank will also unveil its bonus pool for the year which will be worth £340m and will be shared among staff who also work in NatWest branches, the Coutts private bank and investment banking operation.

Gary Greenwood, banks analyst at Shore Capital, told the Guardian he expected the bank to embark on a more aggressive cost-cutting programme.

“The costs lever could be pulled harder … [by] rolling out IT and making best use of digital channels … to some extent [job cuts] come with that.”