State-rescued Royal Bank of Scotland (RBS) yesterday announced a net loss of £3.6 billion (US$5.5 billion) for last year, adding that boss Stephen Hester waived his annual bonus.
RBS, which is 84 percent government-owned after a series of huge bailouts, said in a results statement that it had improved after suffering a 2008 net loss of £24.3 billion, which was a record for a British listed company.
“We are one year into our five-year turnaround plan and have taken significant steps along the path to recovery,” Hester said in the earnings release.
“The strengths of our core business are becoming clearer, while the legacy of losses and exposures from the crisis is running off,” he said.
RBS said impairment losses rose sharply to £13.9 billion last year, up from £7.4 billion in 2008, but added that they “appear likely to have peaked.”
The group’s remuneration committee meanwhile decided to award Hester an annual bonus — but he decided to turn it down.
“The board’s remuneration committee considers that Stephen Hester significantly outperformed the targets he was set for 2009 and intended to award a bonus commensurate with that view,” it said.
“He decided to waive this bonus award, given public controversy on banking pay and the potential for his bonus to divert attention from and weaken support for the RBS turnaround and recovery,” the bank said.
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