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They are nominally worth £16m but unless the share price rises substantially, through the bank's performance, they are worth nothing. It's a very sensible way of rewarding people albeit it allows people to mistakenly think they've been given shed loads of cash.
The limit on cash bonuses at RBS is very small. It was around £10k, and the rest has to be shares.
Making a loss doesn't necessarily mean those individuals failed. If they made a smaller loss than anticipated, they have effectively succeeded. We don't know what their targets were or whether they hit them.
They are nominally worth £16m but unless the share price rises substantially, through the bank's performance, they are worth nothing. It's a very sensible way of rewarding people albeit it allows people to mistakenly think they've been given shed loads of cash.
The limit on cash bonuses at RBS is very small. It was around £10k, and the rest has to be shares.
"They are nominally worth £16m but unless the share price rises substantially, through the bank's performance, they are worth nothing"
Surely they are still worth £16m if they stay the same value. I don't think these are share options.
They are nominally worth £16m but unless the share price rises substantially, through the bank's performance, they are worth nothing. It's a very sensible way of rewarding people albeit it allows people to mistakenly think they've been given shed loads of cash.
The limit on cash bonuses at RBS is very small. It was around £10k, and the rest has to be shares.
Hmm. I'd quite happily take shares worth a nominal value of £16m from them. Especially as we're just coming off the back of a financial crisis.
Rewarded for failure, bailed out, one of the worse culprits for mis-selling. Awful bank. And whilst it's majority public owned any bonuses (however thinly disguised) stick in the craw.
They're awards as part of the LTiP. They'll only pay out if targets are met.
From the FT.
"The bank’s senior managers were also paid £6m in shares from earlier deferred bonus awards, despite its continuing to rack up heavy losses while leaving the government with a vast hole in the public coffers. " Really tough targets they're setting.
Slowly but surely that bank is being turned around, it's a seismic task - eventually it will be returned to profit.
I know it's a cliche but it's true that industry is very fluid, to get the best talent they have to reward. We can do the Jeremy Corbyn approach or we can look at this in rational way, if we want our money back we need the best talent to turn the ship around.
The best argument against democracy is a five-minute conversation with the average voter
What should he do then? No work? Only accept min wage jobs?
My point was that people like him and Blair get spectacularly remunerated after they leave office because they've done as they're told. They've made certain people wealthy/ier.
If you want a vision of the future, imagine a boot stamping on a human face--forever.
Otherwise the poor CEO will have to make do with his paltry £3m salary.
Surprised to see people defending these shameless troughers.
"Since RBS’s £45bn taxpayer bailout during the financial crisis, it has reported nine consecutive years of losses amounting to more than £58bn."
Didn't stop the last CEO leaving with a £1.6m golden handshake.
£58bn !! Thanks New Labor.
[Post edited 9 Mar 2017 11:16]
Most of the awards have not yet paid out. Again, when they talk about the award of bonuses, they're talking shares into LTIP schemes which only ever pay (in cash terms) if targets are met re share price etc.
I know people there who have been awarded theoretically large bonuses, but they haven't received any cash as yet. Most awards from previous years end up disappearing as the LTIP doesn't pay out. The papers don't report that bit.
"The bank’s senior managers were also paid £6m in shares from earlier deferred bonus awards, despite its continuing to rack up heavy losses while leaving the government with a vast hole in the public coffers. " Really tough targets they're setting.
And those shares again don't become theirs (to sell) unless targets are met.
My point was that people like him and Blair get spectacularly remunerated after they leave office because they've done as they're told. They've made certain people wealthy/ier.
No it's because they have their fingers on the pulse and are extremely able men.
The best argument against democracy is a five-minute conversation with the average voter
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