RBS Shares Fall £900m As Taxpayers Get Their Wish

After Stephen Hester bowed to pressure from the public and parts of Government the share price of RBS dropped by 3.5%, wiping £580m off its value. Similarly, Lloyds, saw its share price fall by 4.1%, erasing £921m off its value.

Seeing as the taxpayer owns 83% of RBS and 41% of Lloyds the public has lost nearly £900m in shares. That's £36 for every British family. A shade more expensive than the £963,000 bonus Hester turned down. 

Business Secretary Vince Cable said that Mr Hester's example should be followed by other bankers, “I think it’s a good step to dealing with the bonus culture more generally. I’m not dictating … but I think he has set a good example.”

However, a statement from Downing Street said that ministers will not attempt to “micro-manage” RBS. The Spokeswoman said, “These decisions are decisions for the board, in terms of who gets a bonus and what they get.”

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