PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome Services
- £1/Week PoliticsHome On the Go
-
PoliticsHome Services
- Hide
-
ian katz | Smith said he told Michel he hd bn "causing lot of chaos and moaning" on NC's be...
- 12:08
- Ian Katz
-
Paul Waugh | Smith says one text he regrets was "to get him off my back...in hindsight I shdn...
- 12:05
- Paul Waugh
-
Adam Smith says tone of some texts with BSKYB lobbyist Michel "too flippant" but...
- 12:05
- Norman Smith
-
Paul Waugh | Smith on his chummy emails/texts: "I think the tone of some what I said was a bi...
- 12:04
- Paul Waugh
-
Shagging, boozing, lazy, wife-beaters......not a great week for vicars and bisho...
- 12:03
- Rob Merrick
-
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
-
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
- Sign up to see last 24 hours
Hester: Bonus would have damaged RBS
RBS boss Stephen Hester has revealed he considered quitting amid the furore over his bonus.
Mr Hester admitted that 'hubris set in' at the firm but insisted banks and the City were crucial for providing the state with tax revenues and jobs.
"I think when any industry has such unbridled expansion as banking did over 20 years, yeah, hubris sets in. By the way I think hubris set in to a number of countries in terms of that period of unbridled expansion and it’s rather painful when you have to correct it."
Speaking to the Today programme Mr Hester also said he turned down his bonus worth almost £1m because he thought it would be “damaging” for the Royal Bank of Scotland.
“I took the judgement that it was going to be damaging for RBS to stay in the intensity of the spotlight that we had got into. In the end the job... was about recovering this bank and helping it to succeed and that’s what I really want to accomplish.”
He described the situation at RBS when he took over as “the biggest time bomb in history”.
Chancellor George Osborne yesterday vowed to fight the “anti-business culture” which has seen several high profile figures give up their bonuses, and said “rewards for success” should remain.
In a speech to the Federation of Small Businesses, the Chancellor agreed the need for reform to some practices, but warned of the effects if businesses and investors were put off the UK: “At stake are not pay packages for a few but jobs and prosperity for the many.”
Royal Bank of Scotland boss Stephen Hester, who last week waived his £1million bonus, has revealed in a memo to staff that the restructuring at the bank has so far cost £38bn.
Mr Hester admitted that 'hubris set in' at the firm but insisted banks and the City were crucial for providing the state with tax revenues and jobs.
"I think when any industry has such unbridled expansion as banking did over 20 years, yeah, hubris sets in. By the way I think hubris set in to a number of countries in terms of that period of unbridled expansion and it’s rather painful when you have to correct it."
Speaking to the Today programme Mr Hester also said he turned down his bonus worth almost £1m because he thought it would be “damaging” for the Royal Bank of Scotland.
“I took the judgement that it was going to be damaging for RBS to stay in the intensity of the spotlight that we had got into. In the end the job... was about recovering this bank and helping it to succeed and that’s what I really want to accomplish.”
He described the situation at RBS when he took over as “the biggest time bomb in history”.
Chancellor George Osborne yesterday vowed to fight the “anti-business culture” which has seen several high profile figures give up their bonuses, and said “rewards for success” should remain.
In a speech to the Federation of Small Businesses, the Chancellor agreed the need for reform to some practices, but warned of the effects if businesses and investors were put off the UK: “At stake are not pay packages for a few but jobs and prosperity for the many.”
Royal Bank of Scotland boss Stephen Hester, who last week waived his £1million bonus, has revealed in a memo to staff that the restructuring at the bank has so far cost £38bn.
Green Box: Hester: Bonus would have damaged RBSClick to open
Related PRO Content
Latest PRO Contnet
On Air
Summaries and transcripts from TV and radio
David Cameron: Giving Hunt BSkyB role was the right thing to do
1 hour ago on This Morning, ITV1
Nichola Sturgeon: Scotland should take a population share of Britain’s national debt
3 hours ago on Today, BBC Radio 4
Charles Kennedy: Independent Scotland is viable but not desirable
4 hours ago on Breakfast, BBC Radio 5 Live
Leave a comment...