New RBS chief Ross McEwan to receive no bonus this year or next

The incoming chief executive of Royal Bank of Scotland will take no bonus for his work in the role this year or 2014.

Ross McEwan, 56, who is currently head of the bank's retail arm, will take up the position in October with a £1m salary.

The announcement came as RBS reported pre-tax profits of £1.4bn in the first half of the year.

This was up from a loss of £1.7bn the year before.

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