RBS executive in line for £4m bonus

The head of RBS's embattled investment bank is in line to receive a special bonus this year of more than £4m, as the bank begins a sell-off of the division which could threaten 10,000 jobs.

John Hourican, chief executive of RBS’s global banking and markets division, was awarded almost 29m shares and options in 2009, as part of a long-term initiative to restructure the group following its disastrous tie-up with Dutch lender ABN Amro, the FT reports. The disclosure threatens to inflame the row over bankers’ bonuses and the perceived reward for failure in the City, as RBS prepares to dramatically scale back its investment bank. RBS, which is 83% owned by the UK taxpayer, declined to comment on Hourican’s 2009 bonus package. However, filings show that he was awarded 21,27...