Spanish owned Santander has revealed that Nathan Bostock, chief executive was given a £2.3m bonus on top of his £1.68m salary plus £638,000 in pensions and Benefits.
Bostock picked up his mammoth pay packet just one month after the bank announced bank closures and declining profits. On top of this his pay packet was boosted with a staggering £1.8m, to compensate him as he gave up his Royal Bank of Scotland share bonuses when he left.
In January Santander announced plan to axe 140 branches, placing over 1,200 jobs at risk in the UK.
Despite the astonishing pay packet, the failing bank reported a drop in underlying profits of £1.7bn, by 14% for 2018 plus a £32.8m fine for “serious failings” over deceased customer accounts.
In the bank’s annual report, Annemarie Durbin Santander’s remuneration committee chairwoman said, “Our management team has delivered solid business performance this year, delivering for our shareholders, people, customers and communities.
“The continued progress made towards our strategic and operational goals (including the establishment of the ring-fence bank) was achieved despite the competitive and uncertain environment.”
Bostock was finance director at RBS, but he left his role after 10 weeks, in October 2013 to head up Santander UK.