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Santander Boss Pockets £4million Bonus Despite Missold Payment Protection Scandal

Chief Executive Ana Botin was given the bonus in addition to her £1.7million salary, but other executive directors at the firm were denied any share awards under the long-term incentive plan in place. Bottom line profits at Santander UK fell 40% to £993million after setting aside more than £530million to compensate their customers who were missold payment protection insurance.

Ms Botin is the latest in a line of top banking executives who have been awarded astronomical bonuses despite the intense criticism of the banks for taking money off their customers in the form of PPI. Barclays chief Bob Diamond made £6.3million in 2011, while RBS boss Stephen Hester and Antonio Horta-Osorio of Lloyds TSB – who was replaced by Botin – were awarded long-term shares worth more than £1.5million and £3million respectively.

Appointed as chief executive back in December 2010 as part of a restructuring process which saw the Santander brand expand in the UK by acquiring Bradford & Bingley, Alliance and Leicester and Abbey National. Consequently she did not work for Santander during the period affected by the PPI claims.

Santander attempted to defend the amount given to Ms Botin, saying it was “10% less than she could have received” and that all but £463,000 of the bonus “is deferred for at least a year.”

They tried to justify it further still by stating that the bank was “sensitive to public opinion over the remuneration for bankers, but our policy reflects the success of the business. We’ve delivered a solid performance in difficult conditions generating consistent profits and cash for the group which has paid £20bn to shareholders over the last five years, of which 1.6million live in the United Kingdom.”

Arguments over missold payment protection insurance are showing no signs of fading away into history with customers still coming forward with complaints and claims. If you feel that you have been affected by missold PPI, you can find out how much you could reclaim by using our PPI calculator. Contact us by calling 01733 393399 to find out if you’re entitled to a claim.

Posted by Chris White on 23 Mar 2012

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