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RBS high street banking chief handed shares worth £1.7m RBS high street banking chief handed shares worth £1.7m
(4 months later)
The head of high street banking at Royal Bank of Scotland has been handed shares worth £1.7m, the bailed-out bank revealed on Friday.The head of high street banking at Royal Bank of Scotland has been handed shares worth £1.7m, the bailed-out bank revealed on Friday.
Ross McEwan, hired last year from Commonwealth Bank of Australia, sold roughly half the shares he received through a long-term incentive plan to pay his tax bills. He does not sit on the bank's board, which would require his pay to be disclosed, but any share awards are disclosed to the stock market because of his seniority.Ross McEwan, hired last year from Commonwealth Bank of Australia, sold roughly half the shares he received through a long-term incentive plan to pay his tax bills. He does not sit on the bank's board, which would require his pay to be disclosed, but any share awards are disclosed to the stock market because of his seniority.
The shares were among those awarded to him after he joined RBS in August 2012 from CBA, where he had a salary of A$1.25m (£780,000) and a cash bonus of A$647,657. A further A$2.4m in shares had vested to him in 2011 from previous long-term reward schemes.The shares were among those awarded to him after he joined RBS in August 2012 from CBA, where he had a salary of A$1.25m (£780,000) and a cash bonus of A$647,657. A further A$2.4m in shares had vested to him in 2011 from previous long-term reward schemes.
He arrived shortly after IT problems paralysed the bank during June 2012 and left millions of RBS and NatWest customers unable to access their accounts, just after his predecessor, Brian Hartzer, had quit to return to Australia. More shares will vest to McEwan between now and 2015, through awards made to him when he arrived and which had been previously disclosed.He arrived shortly after IT problems paralysed the bank during June 2012 and left millions of RBS and NatWest customers unable to access their accounts, just after his predecessor, Brian Hartzer, had quit to return to Australia. More shares will vest to McEwan between now and 2015, through awards made to him when he arrived and which had been previously disclosed.
Last month he announced plans to axe 1,400 jobs over the next two years from support functions which employed 3,600 in total. At the time he said the job cuts were part of a £700m investment in improving services which was leading to the changes in head office functions, largely in the Gogarburn head office on the outskirts of Edinburgh.Last month he announced plans to axe 1,400 jobs over the next two years from support functions which employed 3,600 in total. At the time he said the job cuts were part of a £700m investment in improving services which was leading to the changes in head office functions, largely in the Gogarburn head office on the outskirts of Edinburgh.
The £1.7m is based on the 258,202 shares the bank said he was left with after meeting his tax liabilities and calculated on Friday's share price of 327p.The £1.7m is based on the 258,202 shares the bank said he was left with after meeting his tax liabilities and calculated on Friday's share price of 327p.
The disclosure was made amid fresh scrutiny of pay at the bailed-out banks after it was revealed that Matt Young, the head of corporate affairs at Lloyds Banking Group, was on a potential pay deal of £1.3m a year.The disclosure was made amid fresh scrutiny of pay at the bailed-out banks after it was revealed that Matt Young, the head of corporate affairs at Lloyds Banking Group, was on a potential pay deal of £1.3m a year.
Young was among a number of staff recruited from Santander by António Horta-Osório after he quit the UK arm of the Spanish bank to run Lloyds.Young was among a number of staff recruited from Santander by António Horta-Osório after he quit the UK arm of the Spanish bank to run Lloyds.
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