RBS’s Stephen Hester turns down £1.6 million bonus

Royal Bank of Scotland chief executive Stephen Hester has refused his bonus of up to £1.6 million, amid public outcry over rewards for employees at bailed-out banks.

The decision may be an effort to calm public and political concerns as the bank prepares to pay £1.3 billion of bonuses to its 22,000 investment bankers, despite making losses in 2009. Pre-tax losses have been predicted to be as high as £6 billion.
 

Language does not simply reflect what is going on in organisational life: it also influences what people think and what they do

Linda Holbeche, director of the Holbeche Partnership and visiting professor of HRM/OD at Cass Business School