Royal Bank of Scotland (RBS) chairman Philip Hampton has defended the bonus due to be paid to CEO Stephen Hester even though the British bank has been punished for rigging interest rates. RBS, 82-per cent owned by the taxpayer, has faced criticism over a deferred bonus of £780,000 that Hester is set to receive in March. But Hampton told MPs on Monday that Hester's pay was modest by the industry's standards.
Hampton said Hester's pay was well below the average in world banking. “Relative to other people doing these jobs his pay has been modest,” he told UK's Parliamentary Commission on Banking Standards.
