Royal Bank of Scotland (RBS.L) cut its chief executive's 2011 bonus to 963,000 pounds, heeding political pressure to curb pay at the part-nationalised bank while ignoring calls to axe the bonus altogether.
RBS, 83 percent owned by the British government following a state bailout during the 2008 credit crisis, allocated CEO Stephen Hester a 2011 annual performance award of 3.6 million shares.
It said this was worth 963,000 pounds based on its closing share price of 26.75 pence when it made its decision on the bonus payment earlier this week.
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