Socialist Worker

Hypocrisy at heart of RBS

by Chris Bambery
Issue No. 2153

We own the Royal Bank of Scotland (RBS). Gordon Brown used public funds to buy 70 percent of the bank.

Yet despite this – and despite shedding thousands of jobs – RBS continues to royally reward its bosses.

Now it has awarded four of its senior executives rewards totalling some £5 million.

Each will receive millions of shares.

Ron Teerlink, the bank’s chief administration officer, and Chris Sullivan, the incoming head of the UK corporate banking division, are set to receive 1.9 million and 1.8 million shares, respectively.

Alan Dickinson, the outgoing head of UK corporate banking, is in line to receive 1.9 million shares, despite the fact he leaves his post in July and will retire next year.

Last month RBS announced a £2.9 million scheme for John Hourican, its new head of global banking and markets.

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Tue 26 May 2009, 18:19 BST
Issue No. 2153
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