A former ASB Bank executive has been appointed chief executive of the Royal Bank of Scotland and his first move was to waive his annual bonuses for the rest of this year and for 2014.
Ross McEwan, 56, has been head of retail at RBS for a year, having been recruited from ASB's parent, the Commonwealth Bank of Australia, where he had held a similar position.
Mr McEwan's salary is reportedly £1 million, less than the £1.2 million that predecessor Stephen Hester, was paid.
RBS is 81% owned by the British government following its £45.5 billion bailout in 2008.
From 2015 onwards, Mr McEwan's bonuses will be linked to the share price the government paid for its stake.
