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.


David Moyes and Louis van Gaal
New Zealand fly-half Aaron Cruden pictured in The Zookeeper's Son on a late-night drinking session
Liam Payne has attacked the media for reporting his tweet of support to Willie Robertson and the subsequent backlash from fans
peopleBut One Direction star insists he is not homophobic
Arts and Entertainment
A bit rich: Maggie Smith in Downton Abbey
tvSeries 5 opening episode attracts lowest ratings since drama began
ebooksAn unforgettable anthology of contemporary reportage
Jacqueline Bisset has claimed that young women today are obsessed with being 'hot', rather than 'charming', 'romantic' or 'beautiful'
Greg Dyke insists he will not resign as Football Association chairman after receiving a watch worth more than £16,000 but has called for an end to the culture of gifts being given to football officials
Life and Style
A new app has been launched that enables people to have a cuddle from a stranger
techNew app offers 'PG alternative' to dating services like Tinder
Arts and Entertainment
Jake Quickenden sings his heart out in his second audition
tvX Factor: How did the Jakes - and Charlie Martinez - fare?
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Quantitative Risk Manager

Up to £80000: Saxton Leigh: My client, a large commodities broker, is looking ...

COO / Chief Operating Officer

£80 - 100k + Bonus: Guru Careers: A COO / Chief Operating Officer is needed to...

Senior BA - Motor and Home Insurance

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Market Risk & Control Manager

Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...

Day In a Page

A roller-coaster tale from the 'voice of a generation'

Not That Kind of Girl:

A roller-coaster tale from 'voice of a generation' Lena Dunham
London is not bedlam or a cradle of vice. In fact it, as much as anywhere, deserves independence

London is not bedlam or a cradle of vice

In fact it, as much as anywhere, deserves independence
Vivienne Westwood 'didn’t want' relationship with Malcolm McLaren

Vivienne Westwood 'didn’t want' relationship with McLaren

Designer 'felt pressured' into going out with Sex Pistols manager
Jourdan Dunn: Model mother

Model mother

Jordan Dunn became one of the best-paid models in the world
Apple still coolest brand – despite U2 PR disaster

Apple still the coolest brand

Despite PR disaster of free U2 album
Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments