Showing posts with label Fred Goodwin. Show all posts
Showing posts with label Fred Goodwin. Show all posts

Thursday, February 26, 2009

We always said bankers were *ankers


When giving evidence to the Treasury Committee on 10 February, the former chief executive of Royal Bank of Scotland, Sir Fred Goodwin said: "My pension is the same as everyone else in the bank who is in a defined benefit pension scheme. It is determined in the same way as anyone else."

It emerged that Sir Fred is drawing a pension of £650,000 a year. Although he is only 50, he is entitled to the payment for life, with a pension pot worth £16 million.

Royal Bank of Scotland (RBS) has announced the largest annual loss in UK corporate history. RBS, which had to be bailed out by the government last year, said that its 2008 loss totalled £24.1bn ($34.2bn). Reports had suggested job losses could total 20,000.

Sir Fred's strategy and decision to buy ABN Amro is widely seen as making the bank more vulnerable to the credit crunch and having to be bailed out. The bulk of the losses came as RBS made a £16.2bn write-down on poorly performing assets, mainly resulting from its 2007 takeover of ABN Amro.


Yes , indeed , a well-deserved pension and well-earned luxury for life while all those sacked will struggle on the dole to pay the bills and pay the mortgage but unlike the belated grumblings of Chancellor Darling , Socialist Courier was reporting and condemning Goodwin's feather -bedding way back in August 2007 and October 2007 and March 2008 .

Tuesday, August 21, 2007

For those who have too much


Royal Bank of Scotland has awarded millions of potentially lucrative share options to top executives under a controversial new bonus plan a report in The Herald says .


Chief executive Sir Fred Goodwin, head of corporate markets Johnny Cameron, and Larry Fish, head of US subsidiary Citizens, are among the major beneficiaries. The scheme could see executives including Goodwin gain three times their basic salary - which in his case would amount to £3.6 million. Goodwin was granted options over nearly 700,000 shares. Cameron was granted options over 374,332 shares and Fish over 523,640 shares. Finance director Guy Whittaker and retail markets chief Gordon Pell also received big awards.


RBS announced to the stock market yesterday that it had granted options to 15 senior executives which will vest between 2010 and 2017 at an exercise price of 561p, a level which some might view as low by recent standards. RBS shares closed up 1.5p at 577p last night, but were until recently trading well above £6. RBS did not respond to a request for comment on how it had arrived at the apparently low exercise price.

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