Royal Bank of Scotland CEO's Pay Outpaces Bank of Scotland Counterpart

Strategic Insights -

The chief executive of Royal Bank of Scotland, Sir George Mathewson, earned 70% more than his counterpart at Bank of Scotland last year, but almost the same as the former chief executive of NatWest. According to Royal Bank's report and accounts, Mathewson took home £836,000 in 1998, including bonuses but excluding pensions and stock options. This pay disparity comes amidst the battle between Royal Bank and Bank of Scotland to take over NatWest.

Key Takeaways:

  • Sir George Mathewson, the chief executive of Royal Bank of Scotland, earned £836,000 in 1998, including bonuses but excluding pensions and stock options.
  • Mathewson's pay was 70% higher than Peter Burt, the chief executive of Bank of Scotland, who earned £486,000 including bonus but excluding stock options and pension.
  • Mathewson's pay was almost the same as Derek Wanless, the former chief executive of NatWest, who earned £836,000 in a guaranteed package, including a £112,000 bonus.
  • Larry Fish, head of Royal Bank's US operation Citizens, earned £2.9m in 1998, down from £3.2m the previous year.
  • Bob Speirs, Royal Bank's former finance director, was paid a discretionary bonus of £575,395 for staying on two years longer than his normal retirement age.
  • Ron Sandler, the chief operating officer of NatWest, was paid £450,000 plus a guaranteed bonus of £112,000.

Statistics:

  • £836,000: The salary earned by Sir George Mathewson, the chief executive of Royal Bank of Scotland, in 1998.
  • 70%: The increase in Mathewson's salary compared to Peter Burt, the chief executive of Bank of Scotland.
  • £486,000: The salary earned by Peter Burt, the chief executive of Bank of Scotland, in 1998.
  • £2.9m: The salary earned by Larry Fish, head of Royal Bank's US operation Citizens, in 1998.
  • £3.2m: The salary earned by Larry Fish, head of Royal Bank's US operation Citizens, in the previous year.
  • £575,395: The discretionary bonus earned by Bob Speirs, Royal Bank's former finance director, for staying on two years longer than his normal retirement age.
  • £450,000: The salary earned by Ron Sandler, the chief operating officer of NatWest, in 1998.
  • £112,000: The guaranteed bonus earned by Ron Sandler, the chief operating officer of NatWest, in 1998.

Sources:

  • "Royal Bank of Scotland's report and accounts published yesterday"
  • "NatWest's report and accounts published yesterday"
  • "Bank of Scotland's report and accounts published yesterday"