RBS: how to split it up and save money on expensive bankers

Sell off the good bits, and you won't need a big bonus master of the universe to look after what's left

Richard Ehrman

NOT FOR the first time, one has to wonder how David Cameron would get on without Ed Miliband to help him. By forcing Stephen Hester to turn down his £1 million pound bonus, the Labour leader has extricated the Prime Minister from a row which even many of his staunchest supporters thought he was badly mishandling.

The prospect of a Commons vote on the package, which would surely have been lost, must have horrified the PM every bit as much as it clearly did Hester himself. Yet one of the most extraordinary things about the RBS chief's pay, given that he works for a publicly owned concern, is that no outsider seems to know how much he is actually getting.

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