RBS chief Hester waives bonus over IT meltdown
29 June 2012 | 7060 views | 1
Royal Bank of Scotland chief executive Stephen Hester says he will not take a bonus this year in the wake of last week's disastrous IT problems.
The bank has been struggling for days to clear a backlog of payments caused by a failed software update last week, causing chaos for thousands of Natwest, Ulster Bank and RBS customers.
In a BBC interview, Hester said: "I think it's inappropriate for me to have a bonus this year. We have let our customers down. That may have arisen from old systems and things that were from before my time but I think we could reasonably been expected to have improved things since then and clearly we didn't improve them enough so it wouldn't cross my mind to have a bonus this year."
Last year Hester's salary at the 82% taxpayer-owned bank was £1.2 million and he was forced into waiving his £963,000 all-shares bonus in the face of a public backlash.
On the systems failure, he told the BBC: "We're doing a very complete investigation to make sure we learn the lesson, place accountability and, more importantly, make it less likely to happen again."