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Banks: New RBS finance chief given pounds 2m in shares

May 20, 2014

Royal Bank of Scotland has handed its finance director almost pounds 2m in shares on his first day at the bailed-out bank.

Ewen Stevenson was awarded 584,506 shares, which will be released over three years to buy him out of pay deals at his previous employer, Credit Suisse. His annual package is worth pounds 1.9m a year, made up of an pounds 800,000 salary, pounds 280,000 in pension contributions, pounds 26,250 in benefits and pounds 800,000 in "allowances", a vehicle used by banks to get round the EU bonus cap.

The government has refused to allow RBS to pay bonuses of 200% of salary, subjecting the bank to the full EU cap that limits them to 100% of salary. This means the maximum Stevenson will receive is pounds 3.8m, if he meets all targets.

Recruited after Nathan Bostock quit to join the UK arm of the Spanish bank Santander, Stevenson takes on the role as the bank battles to return to profitability. Jill Treanor

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Source: Guardian (UK)