Finance chief leaves troubled RBS

Part-nationalised Royal Bank of Scotland’s clear-out of Fred Goodwin’s former regime continued today after finance director Guy Whittaker agreed to step down.

Part-nationalised Royal Bank of Scotland’s clear-out of Fred Goodwin’s former regime continued today after finance director Guy Whittaker agreed to step down.

Mr Whittaker – who joined three years ago – was part of the board which agreed the bank’s disastrous bid for ABN Amro in 2007.

As finance director he has also presided over the biggest loss in UK corporate history – the £24.1bn (€27.1bn) posted by RBS in February.

RBS is keen to avoid a repeat of accusations over “rewards for failure” after details of Sir Fred’s hugely controversial £703,000 (€792,000) pension emerged.

A spokesman said Mr Whittaker – who is paid £829,000 (€934,000) – would receive no bonus, had waived long-term share options and received no special pension arrangements.

But because he is on a contract with 12 months’ notice and is expected to leave by October, he will effectively be paid for six months after leaving the troubled bank.

More in this section

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up