IT catastrophe fails to yield bonus for RBS executive
In a move that has been met with widespread approval, Stephen Hester, the Chief Executive Officer of RBS, has announced he will not receive a bonus for the year 2012. This decision comes following an IT outage that affected RBS, NatWest, and Ulster Bank customers, denying them access to their accounts for several days.
The IT outage, which lasted for several days, caused significant inconvenience to customers across three banks, affecting thousands of individuals. The incident has been compared to a water company turning off customers' taps for a week by Liberal Democrat peer Lord Oakeshott.
This is the second consecutive year that Hester has waived his bonus. In 2011, he forwent a bonus of nearly £1 million due to public outcry. The decision not to receive a bonus in 2012 is likely a response to the public and political pressure that followed the IT failure.
Earlier this week, calls for Hester to waive his bonus for 2012 were made, and it seems that his decision was influenced by these calls. Lord Oakeshott stated that Hester should not be eligible for a bonus in 2012, citing the IT outage as a reason for his stance.
However, the search results do not contain information about the name of the person responsible for monitoring the software that led to the IT failure at RBS. The investigation into the cause of the outage is ongoing, and it remains to be seen who will be held accountable for the incident.
Despite this, Hester's decision to forgo his bonus has been welcomed by many, as it demonstrates a commitment to transparency and accountability in the face of adversity. The bank's customers, who were affected by the IT outage, can take some comfort in the fact that their CEO has chosen to forego his bonus in light of the situation.
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