banking

Citizens’ Ellen Alemany may receive $7.5M this year

COURTESY AMERICAN BANKER
ELLEN Alemany, head of U.S. operations for RBS, may receive as much as 4.8 million pounds ($7.5 million) in compensation this year at Britain’s biggest government-controlled bank.
Posted 1/31/12

LONDON - Royal Bank of Scotland Group Plc’s head of U.S. operations, Ellen Alemany, may receive as much as 4.8 million pounds ($7.5 million) in compensation this year at Britain’s biggest government-controlled bank.

Alemany, 56, RBS’s highest-paid employee in 2010, may receive as much as 2.3 million pounds this year as part of her deferred share awards and options from previous years, company filings show. She’s also paid a salary of 1.78 million pounds and gets about 736,000 pounds toward a pension, the filings show. The payments are subject to clawbacks and dependent on how the business performs.

Alemany is chairwoman of Rhode Island-based Citizens Financial Group Inc., the U.S. consumer and commercial lender RBS bought in 1988 which generated 9 percent of revenue at the end of 2010. The U.S. constitutes the Edinburgh-based bank’s second-biggest market after the U.K., accounting for 22 percent of revenue. RBS said Tuesday that Hester would be paid a bonus of 963,000 pounds after the 82 percent government-owned lender was urged by Prime Minister David Cameron to show restraint.

Alemany earned 5.95 million pounds in total compensation for 2010 while RBS’s head of investment banking, John Hourican, was the second-highest earner, at 5.93 million pounds and Nathan Bostock, the bank’s head of restructuring and risk, was next with a package of 3.36 million pounds.

Alemany is also eligible to receive a separate bonus and long-term share award RBS hasn’t yet disclosed what the payments will be.

Alemany joined RBS in June 2007 from Citigroup Inc., where she was CEO of its global transactions services business. Alemany became chairman of Citizens in 2009, replacing Larry Fish, who helped build the unit through acquisitions including the purchase of Cleveland-based Charter One Financial Inc. in 2004 for about $10.3 billion.

A spokeswoman for RBS declined to comment.

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