Monday 6 July 2009

Royal Bank of Scotland (RBS), Stephen Hester,.HSBC Michael Geoghegan, Standard and Chartered Bank, Peter Flavel, Lloyds Banking Group, Eric Daniels;

http://www.wsws.org/articles/2009/jul2009/rbs-j01.shtml

Hester’s pay packet is more than twice Goodwin’s compensation package and even higher than that of the CEOs at other banks. The highest paid is HSBC chief Michael Geoghegan, whose total package includes £7.5 million in long-term awards on top of a £1.1 million salary.

Standard and Chartered Bank’s Peter Flavel stands to get £2.9 million in perks, while Eric Daniels, chief executive of Lloyds Banking Group—which, like RBS, is part-nationalised—is paid a £1 million salary and has a long-term incentive plan of £2 million.

The RBS deal had the approval of the Treasury, UK Financial Investments (which controls the state's 70 percent stake in RBS), and the Financial Services Authority, the banks’ regulator.

Only last February, Hester told the House of Commons Treasury Committee, "I do think banking pay in some areas of the industry is way too high and needs to come down, and I intend us to lead that process."

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