Transcript: Stephen Hester on bankers and bonuses

This morning, the chief executive of RBS Stephen Hester appeared on Radio 4’s Today programme to discuss the recent furore over his bonus. Hester revealed he nearly resigned over the crisis and agreed that bankers have been making too much. Here’s the full transcript for CoffeeHousers.

James Naughtie
: Banker without a bonus? You might say he’s a lonely figure in his business; he’s Stephen Hester, Chief Executive of the Royal Bank of Scotland. The public furore about executive pay in a bank that’s 83% owned by the taxpayer caused him to forego the bonus he was awarded this year in the form of more than three and a half million shares, worth probably about a million pounds. He told his staff in a letter that the affair had been uncomfortable but that the bank did not exist in a vacuum and he told them that they were making progress in restoring its battered fortunes.