Senior bankers from Royal Bank of Scotland’s scandal-hit restructuring unit had large chunks of their annual bonuses tied to targets set by a government agency, The Times can reveal.
Derek Sach, the former boss of the bank’s Global Restructuring Group, was among more than 50 executives whose “incentive and bonus” payments were linked to “performance targets” established by the Asset Protection Agency, an arm of the Treasury that insured RBS’s toxic loans.
Documents seen by The Times reveal that Sach, 70, had 70% of his 2010 annual bonus evaluated against such targets.
