SANTANDER has revealed its UK boss was paid £6.4million last year — just a month after announcing a slew of branch closures and tumbling profits.
Nathan Bostock picked up a £2.3million bonus on top of his £1.68million salary, with a further £638,000 in pensions and benefits, the high street lender’s annual report showed.
His £4.6million total pay was further boosted by a whopping £1.8million to compensate him for share bonuses he gave up when he left Royal Bank of Scotland at the end of 2013.
The news follows Santander’s shock announcement last month that it is to axe 140 UK branches, putting more than 1,200 jobs at risk. It also comes after Spanish-owned Santander reported a 14 per cent drop in underlying UK profits to £1.7billion last year and was hit by a £32.8million fine for ‘serious failings’ in processing deceased customer accounts.
The Equality Trust, a charity which campaigns to reduce economic and social inequality, tweeted: ‘Rewarded for sacking people?’
The bank’s remuneration committee chairwoman Annemarie Durbin said: ‘Our management team has delivered solid business performance this year.’
Mr Bostock was paid £6.5million in 2017, which included £4.7million in pay and bonuses, plus £1.8million for the RBS share buy-outs.
They have attracted controversy, as they related to his time as head of risk and restructuring at RBS, when he was responsible for overseeing the Global Restructuring Group at the centre of its small business scandal.