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ING boss waives bonus after public outcry
Business digest: Dutch bank still hasn’t paid back all of its bailout money
Jan Hommen, the CEO of Dutch bank ING has said he will waive his €1.25m bonus in response to an outcry and threats of a boycott. He has suggested to other execs at the bank that they may like to follow his lead.ING received a €10bn bailout from the Dutch government during the financial crisis and has only repaid half of the money so far. MPs and bank customers reacted with dismay when the bonuses were announced; the bank had earlier said it would freeze staff pensions for a second year running.Hommen, whose bonus would have come on top of an already generous €1.35m salary, said in a statement: "I am very sorry to note that the performance-related bonuses for the board over 2010 threaten to damage the recovering confidence from customers and the general public."Hommen said he will only now receive a bonus once the remaining €5bn bailout money has been repaid.Read a full report at BBC News. ·
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Is a banker who cannot budget to finance his bailout for not balancing his books worth a bonus?
That's the way to do it! Instead of us Brits complaining and doing nothing, we should be transferring our accounts to banks such as the coop and nationwide in protest and for a fair deal. Hit them where it hurts, don't be lazy.