Posted May 7, 200916 yr RBS deputy gets £500,000 pension Source BBC news 6 May The last member of Sir Fred Goodwin's failed top team at the Royal Bank of Scotland is set to retire with a £517,000-a-year pension. Deputy chief executive Gordon Pell will retire early next year with a pension pot worth £9.8m. He is the last survivor from the board which presided over the bank's ill-fated expansion, including its takeover of Dutch bank ABN Amro in 2007. RBS lost £24.1bn in 2008 - the largest loss in UK corporate history. The bank's former chief executive Sir Fred Goodwin took early retirement from RBS last year after it needed a £20bn bailout from the government. The 50-year-old's annual pension of £703,000 per year caused an outcry among politicians and the public. RBS's finance director Guy Whittaker, who was also part of the board that agreed the takeover of ABN Amro, announced on Tuesday that he was to quit the bank. Mr Whittaker, who is paid £829,000, will receive no bonus, has waived long-term share options and will not receive special pension arrangements, RBS said. (well, at least one of that shower has a shred of decency -_- ...) Mr Pell, who earned £908,000 last year, told MPs in March that as a member of the board during the takeover of ABM Amro, he took ''collective responsibility'' for the bank's financial problems. He will retire early next year at the age of 60. The changes mean that all nine members of the bank's executive committee will be new in post within the past 14 months. The Royal Bank was forced to write off billions on the ABN Amro deal and soaring bad debts. The bank was part-nationalised last year, with the taxpayer now owning 70%. Stephen Hester, who replaced Sir Fred Goodwin as RBS chief executive, said the restructuring was important to the bank reaching independence within five years. He said: "We have many challenges ahead but really great businesses on which to build." Brian Hartzer, from Australian bank ANZ, will take over from Mr Pell and will be responsible for UK Retail, Wealth and Ulster Bank business divisions. Other management changes announced include moving Paul Geddes from UK Retail to head of RBS Insurance. Chris Sullivan will become CEO of UK Corporate Banking. The new appointments will come into effect on July 31. In a statement, the bank said that the management restructuring was complete though further changes would continue elsewhere in the Group. RBS announced 9,000 job cuts in April as it tries to make £2.5bn in savings over the next three years. The group's latest trading update is due on Friday. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Another day, another greedy little piggie with his nose in the trough, profiting from failure and financial disaster..... All the while, there are 9000 RBS employees losing their jobs..... Oh, and they've closed off the final salary pension scheme to new employees also.... So, a single man who was one of those responsible for this utter disaster walks away with a pot worth over £9 million while their employees get bugger all.... <_< Another house-stoneing is on the cards I reckon...... In the words of Lennon and McCartney.... Have you seen the little piggies Crawling in the dirt And for all the little piggies Life is getting worse Always having dirt to play around in. Have you seen the bigger piggies In their starched white shirts You will find the bigger piggies Stirring up the dirt Always have clean shirts to play around in. In their sties with all their backing They don't care what goes on around In their eyes there's something lacking What they need's a damn good whacking. Everywhere there's lots of piggies Living piggy lives You can see them out for dinner With their piggy wives Clutching forks and knives to eat their bacon.
May 7, 200916 yr This is the sort of thing Michael Caine should be speaking out about, these parasites are leeching taxpayers money big time
May 7, 200916 yr I'm still laughing at the fact that a guy from ANZ is being brought in. To be fair, the Aussies are by far the best people for the job right now. Not a single Aus Bank has had problems so far. RBS should have been allowed to implode, such a vile bank, and don't get me started on the Bank of Scotland which was my bank. Who were at one point actually worthless.
May 7, 200916 yr Author This is the sort of thing Michael Caine should be speaking out about, these parasites are leeching taxpayers money big time HELL YEAH!!!! The taxpayer has had to effectively under-write RBS's 20-odd BILLION debt...... So, er, where's Mr Caine's "concern" for taxpayers' money on this issue....? THIS is the very reason why his taxes have risen to 50%, and yet he says nothing about it, blaming the unemployed instead. Prick...... <_<
May 7, 200916 yr I still can't believe they lost $50billion. Do they even have that much in deposits? There should have been something done about this, criminal charges for one.
May 8, 200916 yr Author I still can't believe they lost $50billion. Do they even have that much in deposits? There should have been something done about this, criminal charges for one. Trust me, the figure is 100% accurate.... They lost an absolute sh!tload when they took over Dutch bank ABN Amro.... And, I totally agree, Goodwin and Pell should certainly be on criminal charges..... Frankly, I'd lock these buggers up for 10 years each if I had my way...... <_<
May 8, 200916 yr And, I totally agree, Goodwin and Pell should certainly be on criminal charges..... Frankly, I'd lock these buggers up for 10 years each if I had my way...... <_< I wouldn't - I'd make them live on the £64.30 a week that the people they're making unemployed have to live on (less if they're under 25).
May 9, 200916 yr Author I wouldn't - I'd make them live on the £64.30 a week that the people they're making unemployed have to live on (less if they're under 25). Locking them up means we wouldn't have to pay them though.... ;) But, I like the thinking.... Or else, we make them all work for the minimum wage to make all the money back that the taxpayer's had to fork out to keep the banks afloat.....
May 9, 200916 yr Trust me, the figure is 100% accurate.... They lost an absolute sh!tload when they took over Dutch bank ABN Amro.... And, I totally agree, Goodwin and Pell should certainly be on criminal charges..... Frankly, I'd lock these buggers up for 10 years each if I had my way...... <_< I'm not questioning the accuracy [although it's more like $48billion than $50billion] but rather i'm in shock that they managed to lose that much cash in just one year. I'd do maybe 15years. We both know they'd be out in about 18months 'for good behaviour'
May 11, 200916 yr Locking them up means we wouldn't have to pay them though.... ;) It doesn't matter what we do with them - our taxes would be used on them regardless of what happens to them. (The Prison Service gets its money from the government, which in turn gets it from us.)
May 11, 200916 yr Author It doesn't matter what we do with them - our taxes would be used on them regardless of what happens to them. Yeah, but if the buggers were in prison, they wouldn't be getting a £500k pension every year would they.....? :lol: They'd be disgraced even when they got out....
May 14, 200916 yr I still can't believe they lost $50billion. Do they even have that much in deposits? There should have been something done about this, criminal charges for one. They didn't have that much. They gambled with money they didn't have and then lost it. That's why they went to the government. The losers idiots are those that bale them out, i.e. us
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