Royal Bank of Scotland Group PLC Chairman Philip Hampton is waiving a bonus of £1.4 million ($2.2 million) in shares, the bank said, as criticism swirled over a payout to the chief executive of the taxpayer-owned institution.
The bank said Saturday that Mr. Hampton wouldn't receive the 5.17 million shares he was awarded when he joined RBS in 2009.
The British government spent £45 billion bailing out the bank three years ago. It still owns an 82% stake, and politicians are fuming about a bonus of nearly a million pounds given to Chief Executive Stephen Hester.
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