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RBS deputy gets £500,000 pension RBS deputy gets £500,000 pension
(10 minutes later)
The last member of former Royal Bank of Scotland boss Sir Fred Goodwin's failed top team is set to leave the group with a £517,000-a-year pension. The last member of Sir Fred Goodwin's failed top team at the Royal Bank of Scotland is set to retire with a £517,000-a-year pension.
Deputy chief executive Gordon Pell, who earned £908,000 last year, will retire from the part-nationalised bank early next year at the age of 60. Deputy chief executive Gordon Pell will retire early next year with a pension pot worth £9.8m.
The bank, which was bailed out by the government last year, said Mr Pell's pension pot was worth £9.8m. He is the last survivor from the board which presided over the bank's ill-fated expansion, including its takeover of Dutch bank ABN Amro in 2007.
RBS lost £24.1bn in 2008 - the largest loss in UK corporate history.RBS lost £24.1bn in 2008 - the largest loss in UK corporate history.
The bank's chief executive Sir Fred Goodwin took early retirement from RBS last year after it needed a £20bn bailout from the government. The bank's former chief executive Sir Fred Goodwin took early retirement from RBS last year after it needed a £20bn bailout from the government.
The 50-year-old's annual pension of £703,000 per year caused an outcry among politicians and the public.The 50-year-old's annual pension of £703,000 per year caused an outcry among politicians and the public.
RBS's finance director Guy Whittaker, who was part of the board that agreed the takeover of Dutch bank ABN Amro in 2007, announced on Tuesday that he was to quit the bank. RBS's finance director Guy Whittaker, who was part of the board that agreed the takeover of ABN Amro, announced on Tuesday that he was to quit the bank.
I am extremely pleased to have been able to move rapidly to assemble a strong leadership team Stephen HesterRBS chief executive We have many challenges ahead but really great businesses on which to build Stephen HesterRBS chief executive
Mr Whittaker, who is paid £829,000, will receive no bonus, has waived long-term share options and will not receive special pension arrangements, RBS said.Mr Whittaker, who is paid £829,000, will receive no bonus, has waived long-term share options and will not receive special pension arrangements, RBS said.
Mr Pell told MPs in March that as a member of the board during the takeover of ABM Amro, he took ''collective responsibility'' for the bank's financial problems. Mr Pell, who earned £908,000 last year, told MPs in March that as a member of the board during the takeover of ABM Amro, he took ''collective responsibility'' for the bank's financial problems.
He will be replaced by Brian Hartzer, who joins from Australian bank ANZ. He will retire early next year at the age of 60.
In other management changes announced by RBS, Paul Geddes, the current chief executive of the UK retail division, will lead its insurance business, which includes Churchill and Direct Line. The changes mean that all nine members of the bank's executive committee will be new in post within the past 14 months.
Insurance boss Chris Sullivan will move to become chief executive of the corporate banking division. The Royal Bank was forced to write off billions on the ABN Amro deal and soaring bad debts. The bank was part-nationalised last year, with the taxpayer now owning 70%.
The changes will mean that all nine members of the bank's executive committee will be new in post within the past 14 months, with seven joining since last October. Stephen Hester, who replaced Sir Fred Goodwin as RBS chief executive, said the restructuring was important to the bank reaching independence within five years.
Chief executive Stephen Hester said: "I am extremely pleased to have been able to move rapidly to assemble a strong leadership team. We have many challenges ahead but really great businesses on which to build." He said: "We have many challenges ahead but really great businesses on which to build."
Brian Hartzer, from Australian bank ANZ, will take over from Mr Pell and will be responsible for UK Retail, Wealth and Ulster Bank business divisions.
Other management changes announced include moving Paul Geddes from UK Retail to head of RBS Insurance.
Chris Sullivan will become CEO of UK Corporate Banking.
The new appointments will come into effect on July 31.
In a statement, the bank said that the management restructuring was complete though further changes would continue elsewhere in the Group.
RBS announced 9,000 job cuts in April as it tries to make £2.5bn in savings over the next three years. The group's latest trading update is due on Friday.