Business

RBS boss Stephen Hester will not take a bonus for this year

  • 29 June 2012
  • From the section Business
Stephen Hester
Stephen Hester also turned down his bonus for last year

Stephen Hester, chief executive of Royal Bank of Scotland, has decided not to take a bonus for this year.

The decision followed the chaos due to an update to RBS computer systems, which left many customers unable to access their accounts or move money.

He confirmed that RBS is one of the banks being investigated about attempts to manipulate Libor interest rates, for which Barclays has already been fined.

He told the BBC it was a time of "high emotion around financial services".

Barclays has already accepted a fine following an investigation by the Financial Services Authority.

Mr Hester said he could not comment on the situation because the investigation was still ongoing.

The RBS boss had previously turned down the £963,000 bonus in RBS shares that he had been awarded for last year. He said at the time that the decision was due to "enormous political pressure".

As for this year's award, he said: "I don't deserve one and wouldn't take one." His salary last year was £1.2m.

Mr Hester agreed that there needed to be a cultural change in banking. "[Bankers] thought they were masters of the universe, when they should have been servants of the customer."

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