Bank chief pockets wages of £3.5m

The chief executive of Royal Bank of Scotland, which last week reported the highest profits ever made by a UK bank, is understood to have been paid £3.5m (€5.15m) in 2003, it was reported today.

Fred Goodwin’s salary for the year, details of which have not yet been published, is thought to be nearly £1m (€1.47m) more than the £2.58m (€3.79m) he received in 2002.

The jump is thought to be the result of a huge bonus Mr Goodwin received for the year under the group’s medium term incentive plan, which was put in place following RBS’s takeover of NatWest to reflect the size and complexity of the new group.

It is the first time that the plan, which was approved by shareholders at an annual general meeting in 2001, has been included in his remuneration package.