British taxpayers are up in arms about the size of the bonuses Royal Bank of Scotland is paying to its senior executives this year, and some of the bank’s former Asian staff share their disdain.
The UK bank said last week that its chief executive, Stephen Hester, had earned a 1 million $1.6 million bonus during 2011, based on terms approved by shareholders with near unanimity. But according to some critics, that represents a reward for failure. Hester last night gave up his share award after opposition politicians moved to a vote on the issue, although the board insisted it was happy to back him.
It is...
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