RBS discloses pay details for 323 key staff

| March 18, 2011

Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has disclosed details of the amount of money it paid to its key staff in 2010.

The bank said its 323 key staff were paid a total of A?375 million last year – after already divulging its chief executive, Stephen Hester, received a pay package worth A?7.7 million.

However, the bank said staff bonuses this year were lower than in the previous year.

The details of pay come as the bank revealed a loss of A?1.1 billion for the year, while rival HSBC made a pre-tax profit A?11.9 billion for the 2010 year.

In comparison, the latter paid A?1.05 million to its 280 key staff.

The information on remuneration is in accordance with new EU rules and comes hot on the heels of the agreement of the so-called Project Merlin, which will see Britaina��s largest banks agree to lending targets and pay restraints.

Meanwhile, in related news, Antonio Horta-Osorio, who last year stepped down as the chief of Spanish banking giant, Santander, to become the new chief executive of was paid A?1.46 million by Santander last year.

In his new role at Lloyds, Mr Horta-Osorio could earn more than A?8 million in cash and long-term awards if he is successful in meeting all his performance targets.

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