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RBS CEO share awards rise by a quarter to $1.5 million
March 8, 2017 / 4:47 PM / 7 months ago

RBS CEO share awards rise by a quarter to $1.5 million

LONDON, March 8 (Reuters) - Royal Bank of Scotland awarded Chief Executive Ross McEwan shares worth almost a quarter more than last year.

The taxpayer-owned bank gave McEwan shares worth 1.22 million pounds ($1.48 million), up from 994,000 pounds last year, according to a stock exchange filing on Wednesday.

The increase is because McEwan has been given his full award of shares for running the whole bank, whereas in previous years the award partly reflected his previous role of running the lender’s retail banking division.

RBS declined to comment.

The bank reported a sharp rise in losses last year as higher misconduct charges and restructuring costs underscored the challenges facing the lender nine years after it was bailed out in the world’s biggest bank rescue.

RBS is battling to complete a restructuring of the taxpayer-backed bank, which includes asset sales, job cuts and multi-billion dollar charges to settle litigation and pay regulatory fines for past misconduct.

Those issues have complicated RBS’s task of finding profitable business in a low interest rate environment and economic uncertainity caused by Britain’s vote to leave the European Union.

McEwan’s salary was flat last year, according to the bank’s annual report. ($1 = 0.8229 pounds) ($1 = 0.8233 pounds) (Reporting By Andrew MacAskill, Editing by Lawrence White)

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