Socialist Worker

Sacking banker pockets millions

Issue No. 2249

RBS banker Stephen Hester took home a £7.7million pay package last week—even though the bank has cut more than 9,000 jobs.

The bailed-out bank is 83 percent state-owned—but Tory chancellor George Osborne just rubber-stamped the fat cat payout.

RBS chairman Sir Philip Hampton claimed the bumper bonus was justified.

“We need talented and motivated people and need to be able to pay them fairly,” he snorted.

Hester helped the bank make a loss of more than £1 billion last year.

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Tue 26 Apr 2011, 17:53 BST
Issue No. 2249
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