RBS forced to pay trader $3m
From the Times>
THE Royal Bank of Scotland has been forced to pay $3m (£1.8m) to a former trader who secretly recorded a conversation when his boss promised him a big bonus.
Kurt Lichtman, a fixed-income trader at RBS Greenwich Capital, the bank’s American division, complained after receiving a $1.5m bonus for his 2007 performance. A senior executive had told him he would be entitled to a 20% cut of his trading profits, which Lichtman’s lawyers claim exceeded $30m.
The payout comes …
THE Royal Bank of Scotland has been forced to pay $3m (£1.8m) to a former trader who secretly recorded a conversation when his boss promised him a big bonus.
Kurt Lichtman, a fixed-income trader at RBS Greenwich Capital, the bank’s American division, complained after receiving a $1.5m bonus for his 2007 performance. A senior executive had told him he would be entitled to a 20% cut of his trading profits, which Lichtman’s lawyers claim exceeded $30m.
The payout comes amid continuing controversy over bonuses at taxpayer-backed banks. RBS is consulting investors including UK Financial Investments, the government body, over a new bonus package for Stephen Hester, chief executive.
