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RBS boss 'nearly quit' over bonus

The chief executive of Royal Bank of Scotland Stephen Hester has told ITV News he was "within inches of quitting" during row over his bonus. He also told sixth formers at a school in Streatham in south London that "life is not about money."

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RBS boss: 'Bonuses are incentives to work'

A student has asked the chief executive of Royal Bank of Scotland: 'Can you see a time when the bonus culture recedes?' Mr Hester said:

You see bonuses in every walk of life. Postmen get bonuses! To give someone incentive to do well, is not unusual. I don't think anyone should think bad to link pay to something you want someone to accomplish.

Last key sentence, there must be good linkage. Sometimes those linkages break down, they need to be strengthened. Like it or not, money is one of the things that motivates people.

We should not have a society where we say only people we like can make money. That would be stupid in a society that fails.

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