High street banking giant Santander pays £1m-plus to 19 staff
High street banking giant Santander paid 19 staff more than £1 million last year and increased its bonus pool by 14% to £150 million despite another year of hefty provisions for mis-selling scandals.
The Spanish-owned group said UK boss Ana Botin was the highest-paid executive, receiving £4 million in salary and bonuses, including a 24% rise in salary to £2.1 million last year and a £1.8 million cash-and-shares bonus.
In the latest disclosure on pay packages in the banking sector, Santander's annual report also showed recently promoted finance director Stephen Jones received £2.9 million last year - including a £1.6 million windfall relating to awards earned at his previous employer Barclays, paid as part of his package for joining in 2011.
Steve Pateman, head of UK banking, received £1.9 million in total after a £100,000 pay rise on being promoted to the role last April, while he was also awarded a £1.1 million bonus for 2012, some of which is deferred for three years.
Another top executive received £2.6 million last year, while one other senior banker at the group landed £1.7 million, according to Santander's annual report.
Its pay details come just a week after Barclays and Royal Bank of Scotland revealed that over 500 workers between them were paid more than £1 million last year.
Taxpayer-backed RBS said it paid 95 staff more than £1 million, while 428 employees at Barclays also picked up pay deals worth over £1 million - including five who got more than £5 million.
Earlier this month HSBC revealed 204 of its staff were paid more than £1 million in the year, with 78 being based in the UK.
The disclosures have fuelled anger, coming after a year of scandal and further mis-selling revelations in the banking industry.
Santander put by another £232 million last year to cover costs such as compensation for mis-selling of interest rate swaps to small businesses, on top of £751 million set aside in 2011 for payment protection insurance claims.
The group said it had uncovered a number of former Alliance & Leicester small business customers who had potentially been mis-sold swaps, although it was looking at less than 500 cases overall.
Santander - formed from the takeover of Abbey, Alliance & Leicester and part of Bradford & Bingley - also reported falling UK profits in 2012, down 2% to £1.23 billion.
But the firm insisted bonuses were increased to reflect an improved performance from the UK arm last year, with after-tax profits up by 4% and net lending to small and medium sized businesses up 18% in 2012.
Santander said while Ms Botin's salary was increased last year, her bonus was reduced by 27% as it is also linked to performance at the wider Banco Santander group, which suffered a grim 2012 as profits plunged 59% after an 18.8 billion euros (£16.2 billion) hit on soured property loans in Spain.
- 1 Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
- 2 Frank Lampard equalises for Manchester City against Chelsea: how Twitter reacted
- 4 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 5 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
350 skinny dippers brave Northumberland seas for record attempt at mass naked swim
Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Jennifer Lawrence leaked 4Chan sex video branded 'fake' by forum users
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
iJobs Money & Business
Up to £80000: Saxton Leigh: My client, a large commodities broker, is looking ...
£80 - 100k + Bonus: Guru Careers: A COO / Chief Operating Officer is needed to...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...