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RBS senior managers to share bonus pot of £5m

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by Kay Mitchell

It has emerged that Royal Bank of Scotland (RBS) has awarded four of its senior executives a total of £5 million.

Earlier this year, bonus packages were the subject to a lot of bad press and sparked outrage among the public when it was banks who are being blamed for the recession.

RBS, which is 70% owned by the taxpayer, has also been the subject of bad press after it emerged that RBS’ disgraced former chief executive, Sir Fred Goodwin, is to receive £700,000 a year pension.

Returning to the £5 million bonus pot, Ellen Alemany, chief executive of RBS America, is set to receive 5.9 million shares (worth £2.4million at present prices) if performance targets are hit over the next three years.

Furthermore, three senior executives based in Britain, named as Alan Dickinson, Chris Sullivan and Ron Teerlink – are to receive approximately 1.8 million shares each.

A spokesperson for the bank said the executives receiving the bonuses were not those responsible for the massive RBS losses and said they have not had a bonus this year.

Last month, it was revealed that John Hourican, head of global banking and markets, had been granted options of more than seven million shares.

At the end of February the bank reported a full 2008 year loss of £24.1 billion – the largest annual loss in UK corporate history.

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News posted: May 25, 2009

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