Ulster Bank union slams RBS chief’s £1m bonus

Worker representatives at Ulster Bank have condemned the payment of a £1 million (€1.2m) bonus to the head of the bank’s parent company, Royal Bank of Scotland, a fortnight after it announced thousands of job cuts.

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.

IBOA, which represents the workers at Ulster Bank, said the news that RBS chief executive Stephen Hester is to receive an annual bonus worth almost £1m, on top of a basic salary of £1.2m, “added insult to injury” for staff in the Irish subsidiary.