Raiffeisen CE returns €2m of pay

Raiffeisen Bank International CE Herbert Stepic has returned €2m of last year’s pay package, telling staff he felt morally obliged to cut his overly generous compensation. Mr Stepic said he was due to receive €4.9m in total in salary, a bonus for successful 2011 results and a share incentive programme that accounted for “the lion’s share” of the payout.