Bank row cost tax­payer £580m

Midweek Sport - - NEWS -

THE row over Royal Bank of Scot­land boss Stephen Hester’s £1m bonus has ended up cost­ing the tax­payer £580m.

Share prices for the pub­li­cally-owned com­pany have plum­meted since the Hester was pres­sured into re­tun­ing the cash.

In­vestors are wor­ried the bank will strug­gle to keep hold of tal­ented work­ers if they can­not pay the go­ing mar­ket rate.

And those con­cerns led to a 3.5 per cent drop in its share price – mak­ing it even less likely the public will ever re­coup the £45 bil­lion laid out when RBS was na­tion­alised in 2008.

Sir Roger Carr, pres­i­dent of the Con­fed­er­a­tion of Bri­tish In­dus­try said: “The vil­i­fi­ca­tion of Mr Hester would de­ter oth­ers from ac­cept­ing jobs in the public in­ter­est.”

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