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RBS chairman defends Stephen Hester bonus

The chairman of the Royal Bank of Scotland (RBS), Sir Philip Hampton, has defended his decision to award a bonus to chief executive Stephen Hester.

He said the board underestimated the reaction that later caused Mr Hester to turn down his bonus.

In his first interview since the furore erupted over the bonus, which has now been handed back, Sir Philip Hampton said banker pay has been "high for too long" and needs to be "corrected".

Hugh Pym reports.

  • 03 Feb 2012