Royal Bank of Scotland will pay Chief Executive Stephen Hester a 780,000 pounds ($1.24 million) bonus deferred from three years ago while other executives see pay clawed back in the wake of the Libor rate rigging scandal, the Sunday Times newspaper said. Stephen Hester will receive the shares-based bonus in March, it having been awarded in 2010 and deferred for three years, the paper said.
Last week the bank said it was cutting bonuses to help pay for the $612 million in fines levied by the US and UK authorities to settle allegations that its staff attempted to manipulate benchmark interest rates.
RBS's chairman Philip Hampton said when asked about the issue at a news conference on Wednesday, "Stephen (Hester) has only had one bonus out of four years, which we think is already quite a severe level of claw-back through a different route".
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