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| RBS deputy gets £500,000 pension | RBS deputy gets £500,000 pension |
| (about 1 hour later) | |
| 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. | 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 will retire early next year with a pension pot worth £9.8m. | Deputy chief executive Gordon Pell will retire early next year with a pension pot 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. | 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 former 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 also part of the board that agreed the takeover of ABN Amro, announced on Tuesday that he was to quit the bank. | |
| We have many challenges ahead but really great businesses on which to build 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, 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. | 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 retire early next year at the age of 60. | He will retire early next year at the age of 60. |
| The changes mean that all nine members of the bank's executive committee will be new in post within the past 14 months. | The changes mean that all nine members of the bank's executive committee will be new in post within the past 14 months. |
| 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 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%. |
| Stephen Hester, who replaced Sir Fred Goodwin as RBS chief executive, said the restructuring was important to the bank reaching independence within five years. | Stephen Hester, who replaced Sir Fred Goodwin as RBS chief executive, said the restructuring was important to the bank reaching independence within five years. |
| He said: "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. | 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. | 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. | Chris Sullivan will become CEO of UK Corporate Banking. |
| The new appointments will come into effect on July 31. | 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. | 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. | 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. |