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Thursday, June 13, 2013

The Golden Parachute

After five years as boss of Royal Bank of Scotland boss Stephen Hester has announced plans to step down. Hester will leave later this year and will receive 12 months' pay and benefits worth £1.6 million and the potential for a £4 million shares windfall from a long-term incentive scheme.

Bank staff union Unite’s national officer Dominic said “With over 30,000 job losses over the last five years and major stress for RBS staff there is likely to be a lot of anger over Stephen Hestor's tax-payer funded multi-million pound exit package.”

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