RBS discloses pay details for 323 key staff

| March 18, 2011 | 0 Comments
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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 £375 million last year - after already divulging its chief executive, Stephen Hester, received a pay package worth £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 £1.1 billion for the year, while rival HSBC made a pre-tax profit £11.9 billion for the 2010 year.

In comparison, the latter paid £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 Britain’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 £1.46 million by Santander last year.

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

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