royal bank of scotland provoked fury last night after handing out lavish bonuses – including an £859,000 windfall to its former boss the state backed lender’s annual pay report showed 110 staff received more than 1million euros (£720,000) last year, despite it racking up a £35billion loss this marked its seventh consecutive annual loss since the financial crisis, when it was rescued with a £46billion bailout from taxpayers still on the books: stephen hester, left with a warwickshire hunt,  is set to pocket a £1million bonus from the royal bank of scotland   one of around 70, £1million plus, payments in 2014  one of the biggest winners was former chief executive stephen hester, who pocketed £859,000 from a long term bonus awarded in 2012 he handed in his resignation in june 2013, after being pushed out by chancellor george osborne last night the awards were branded ‘excessive’ and ‘unacceptable’, with campaigners criticising mr osborne for failing to stamp out fat cat pay at rbs to avoid a new pay row, current chief executive ross mcewan waived his entitlement to a £1million fixed shares allowance introduced last year to bolster his basic pay package and dodge the eu bonus cap this restricted his total pay for 2014 to £185million mr mcewan has also waived his £1million allowance for this year but yesterday it emerged he could still receive up to £39million for 2015, including a long term shares award of up to £16million that will pay out for several years warning: boss ross mcewan admitted it could be several years until taxpayers finally get their money back after seven consecutive losses  he will also receive a £15million ‘golden hello’ shares payment in august to compensate him for bonuses he forfeited when he left his previous job at commonwealth bank of australia in 2012 finance chief ewen stevenson received £31million last year, including a similar £19million ‘golden hello’ payment – this time for giving up for his old job at credit suisse last night labour mp john mann, a member of the treasury select committee said the awards were ‘unacceptable’ he added: ‘here is a bank that’s not doing very well that the taxpayer owns and has underwritten, so why should these few not very successful bankers get paid so much money?’ the boss of rbs’s so called ‘bad bank’ also hit the jackpot as separate filings to the stockmarket revealed he received a £2million shares windfall yesterday rory cullinan, who is responsible for getting rid of the lender’s most toxic loans, was among seven senior figures to pocket a total of £55million from bonuses awarded in previous years the generous payout for mr cullinan is particularly sensitive as he is responsible for shrinking the investment bank there are fears that up to 14,000 jobs could be at risk jonathan isaby, chief executive of the taxpayers’ alliance, criticised mr osborne for not doing more to curb pay at rbs, which is still 79 per cent owned by taxpayers he said: ‘ultimately pay deals need to be approved by shareholders, and at rbs that includes taxpayers in the money: rbs, which is based in edinburgh, pictured, has paid £76bn in bonuses since it was bailed out  ‘the chancellor needs to be far more engaged in the process than he is now, and ask the board to justify these salaries ‘until the bank is able to stand on its own two feet, rather than being propped up by taxpayers, it should show more restraint on pay’ mr osborne has admitted he made a mistake by not radically shrinking its investment bank when the coalition came to office in 2010 he was convinced by the bank’s former management, including mr hester, that it could trade its way out of trouble ‘i certainly regret that,’ mr osborne told the financial times ‘i did what i could to correct it’ mr osborne also said he would look to start selling off rbs as quickly as possible after the election, but admitted this could take years before the 2008 financial crisis, royal bank of scotland was one of the largest and most aggressive banks in the world the bank was founded in edinburgh in 1727, but by the end of the 20th century it was a major player in the city of london too as the uk capital became the world's leading financial centre rbs sealed its place at the top table of british banking in 2000 when it bought natwest, which dates back to 1650 and was considered one of the 'big four' retail banks in the uk fred goodwin, right, became chief executive of rbs the following year and pioneered a gung ho expansion strategy with resources poured into its investment banking division one of the biggest deals came when rbs joined a consortium to buy dutch bank abn amro for £49billion, which was later revealed as a major overvaluation with the advent of the 2007 credit crunch and subsequent global financial turmoil, rbs was exposed as being dangerously indebted and unable to meet its obligations the labour government felt it had no option but to step in, and in october 2008 it took a 57 per cent stake in the bank in return for £37billion of new capital as the bank's losses spiralled and it required even more bail out money, the state share of the firm rose to 82 per cent it is now at 79 per cent much of the blame for rbs's troubles was attributed to goodwin, who was forced to resign and subsequently stripped of the knighthood he had received in 2004
quindecennial untabled £1m stephen hester rbs foxed inleakage bank artichoke easer rognon halfway
no related information