Royal Bank of Scotland has come under fire for paying its new retail banking boss, Ross McEwen, a £3.2 million 'golden hello'.
The state-owned bank admitted to the pay-out in the form of shares worth £1.5 million, which McEwen will be eligible to cash in by instalments over the next three years, despite him not actually starting the role until Monday 3 September. Details of his salary have not been divulged.
RBS has defended the payment, stating it is in lieu of missed bonuses following McEwen quitting his role at Australia's Commonwealth Bank.
The news has reignited the row over high-profile bankers' bonuses and perks, and follows a series of scandals which have rocked the banking sector in recent weeks.
Business Secretary, Vince Cable, has pledged to crack down on 'golden' payments which are commonly used in hiring and firing within the financial industry.
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