Another bonus waived by RBS chief Hester after IT crash

2 July 2012

The chief executive of the Royal Bank of Scotland (RBS), Stephen Hester, has said that he will not take a bonus this year, after the bank’s catastrophic IT problems, which downed its retail banking operation for more than a week.

Hester also had to forgo a bonus last year, giving up £1 million after a public backlash over rewarding anyone in charge of a taxpayer-owned bank with such sums.

Revealing his intention to the BBC to forgo any bonus this year as well, Hester said that he “thought it inappropriate” and admitted that the bank’s IT problems had “let our customers down”.

In regard to the system-wide failure of its retail banking operations, which prevented payments going in or out and caused many mortgages, wages and suppliers to go unpaid last week, Hester told the BBC that RBS was “doing a very complete investigation to make sure we learn lessons, assign accountability and, more importantly, make it less likely to happen again”.

By Neil Ainger

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