Union still has bonus concerns

Worker representatives at Ulster Bank say they have noted the decision by the head of the bank’s parent company, RBS, to waive his £1 million (€1.2m) bonus — but say they remain concerned about the “reward structure” for top management there.

Ulster Bank wants to get rid of 950 staff, 600 in the Republic and the rest in the North, before the end of the year, while RBS is seeking 3,500 job cuts in Britain.

There was uproar last Friday when it emerged that RBS chief executive Stephen Hester was to receive an annual bonus worth almost £1m, on top of a basic salary of £1.2m.