And so another banking empire unravels. As
Except, of course, that floating the Citizens business in the US will release value for bailed-out RBS.
The bank is appeasing regulators, who want to see it bolstered by freed up capital, and to placate politicians who are unconvinced that a bank 81%-owned by
The filing also provides insights into pay deals that might not otherwise have been disclosed.
Van Saun was paid
The filing also mentions the impact of the EU bonus cap, which limits bonuses to one times salary - or twice if shareholders approve - and applies to the US operation as long it retains ties to RBS, which are likely to remain for a few years yet via a rump shareholding.
Another cautionary tale for any European bank targeting growth across the Atlantic.
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