Bank row cost taxpayer £580m
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.”