James Moore: Stock market float may be a big hitter for RBS's US arm
Outlook Are you a taxpayer? Did you know, then, that you hold a small stake in the naming rights of a baseball park in Philadelphia? Well, not for much longer.
Royal Bank of Scotland has issued an IPO filing ahead of the planned flotation of its US unit Citizens, the sponsor of Citizens Bank Park, home of the Philadelphia Phillies.
Baseball is a sport where pay levels make even Premier League footballers look like paupers. The Phillies' highest-paid player, Cliff Lee, makes about $25m (£15m) a year.
While not on a quite par with Mr Lee, it has emerged that Citizens – a retail bank remember – paid its long-time boss Ellen Alemany $7.5m last year including $500,000 in "consultancy fees" for the three months after she departed. As much as $10m more could come through RBS share awards that have yet to vest. That's a lot of money for being what amounts to a public official, thanks to the state ownership of Citizens' parent.
The gravy train is set to continue when Citizens achieves its (partial) independence. Bruce van Saun, the former RBS finance director who replaced her, was paid $5.7m last year. It seems that he and other senior executives are due to be given "special IPO awards" this year instead of long-term share awards for their performance. We don't yet know what they will ultimately be worth, but Mr van Saun and his team look, in baseball parlance, to have hit themselves a home run.
- 1 King Salman: Just five days in, Saudi Arabia's new king has already overseen a beheading
- 2 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 3 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 4 Presidential optical illusion offers clues to how brain processes faces
- 5 Grumpy Roald Dahl letter warning student to 'eschew beastly adjectives' rediscovered after 35 years
King Salman: Just five days in, Saudi Arabia's new king has already overseen a beheading
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Presidential optical illusion offers clues to how brain processes faces
Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Louise Mensch says 'F**K YOU' in explosive tweets about David Cameron, Saudi Embassy and the Queen over King Abdullah tributes
iJobs Money & Business
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...