Loss-making bank states in annual report that John Hourican got pay package of £7.5m last year despite thousands of job cuts
John Hourican, the investment banking boss of state-owned Royal Bank of Scotland, has pocketed £4.76m after exercising his share options.
RBS, which is 82%-owned by the taxpayer, after a state bailout during the 2008 credit crisis, said in a regulatory filing on Wednesday that Hourican had sold 17.6m shares at a price of about 27p a share.
The loss-making bank stated in its annual report last month that Hourican, who heads its GBM (Global Banking & Markets) division, which has had to slash thousands of jobs, got a pay package of around £7.5m last year.
RBS has cut 34,000 jobs since the 2008 crisis and its GBM division has sold off or shut down much of its equities operations in order to focus more on its stronger fixed income and foreign exchange businesses. Earlier this year, RBS chief executive Stephen Hester and chairman Philip Hampton had to give up their bonuses following a public outcry over the planned payments.