Home Business NewsFinance RBS says new CEO won't get bonus on top of £1m salary, even though it's returned to profit

RBS says new CEO won't get bonus on top of £1m salary, even though it's returned to profit

by LLB Reporter
2nd Aug 13 9:01 am

RBS has announced that New Zealander Ross McEwan will succeed Stephen Hester as CEO in October. McEwan is currently head of RBS’s retail arm.

He’ll get a £1m salary in his new role – a reduction on Hester’s £1.2m. But he won’t take a bonus in 2013 or 2014.

McEwan was widely expected to get the role and is seen as a politically safe choice, likely to cut down the size of RBS’s investment bank. The 56-year-old started at RBS as CEO for UK retail in September, having previous been at Commonwealth Bank of Australia.

McEwan’s announcement came as RBS announced a profit for the first half of this year. The bank reported a £1.4bn profit for the first six months of 2012, compared with £1.7bn the year before.

This is the first time since 2008 that RBS has had two quarters of consecutive growth.

RBS chairman Sir Philip Hampton said: “Five years on from its rescue, RBS is now a safe and strong bank. […]

“Our focus is now on building a really good bank for our customers and shareholders, returning the bank to private ownership, and playing our full part in supporting the UK economy.”

Chancellor George Osborne has welcomed the role, according to the BBC, praising McEwan’s vision of RBS as a strong corporate bank.

1 comment

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