Stephen Hester, the new boss parachuted into Royal Bank of Scotland, has been hired on a salary of £1.2m and been awarded shares worth more than £6m to overhaul the bank, The Guardian reports.
Hester, who is being given 10.4m shares, yesterday hinted the beleaguered bank was on course to make its first full-year loss. The replacement for the ousted Sir Fred Goodwin is working on a new strategy that is likely to undo much of the expansion achieved by his predecessor. His pay package was outlined in a prospectus accompanying the bank's record-breaking £20bn fundraising that could leave the taxpayer owning 60% of the Edinburgh-based bank. It shows his salary of £1.2m - a 50% rise on his pay as British Land chief executive - and the award of shares intended to buy him out of Briti...
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