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Stephen Hester in line for £1.6 million bonus

Stephen Hester, the government appointed chief executive of Royal Bank of Scotland, is apparently in line for a £1.6 million bonus despite the bank being on the verge of announcing a £12 billion loss for last year. This comes at a very sensitive time for the UK banking industry and the government with taxpayers up in arms that they have been forced to bail out industry, with direct share purchases and money market intervention, yet city bankers still appear adamant that they should receive large bonuses.

The very fact that Royal Bank of Scotland is apparently on the verge of announcing losses of £12 billion, yet still looking to put aside a bonus pool in excess of £1 billion, is something which does not tally up in the minds of many in the UK. However, as we have mentioned on numerous occasions, there are two very separate businesses within Royal Bank of Scotland with the traditional banking arm under pressure yet the investment banking operation still profitable.

There have been rumours and counter rumours regarding potential bonus payments within Royal Bank of Scotland and while rumours of the £1.6 million bonus for the chief executive have appeared again, it may be that directors will be "asked" to forego their entitlements for last year.

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