NatWest was last night under pressure to block a payout to former CEO Dame Alison Rose worth up to £11.3million.
The bank said yesterday that Dame Alison, who resigned last month because of her role in the Nigel Farage "debanking" scandal, is in line for an exit package worth £2.4million while she serves out a 12-month gardening leave.
The Telegraph has now revealed that Dame Alison is still entitled to a bonus of up to £2.9million and stock worth £6million.
She has accumulated shares in the bank since 2017 and will receive them in chunks until mid-2029 under the terms of her contract.
The board will take a decision on whether to award a bonus.
Dame Alison's £2.4million exit package was branded a "sick joke" by Nigel Farage, while senior figures in the Conservative Party urged the UK Government to intervene if the bank's board did not prevent the huge payment.
Discussions
One minister told the Telegraph that discussions have been held with the bank's board about the possibility of clawing back pay awards. The government is NatWest's largest shareholder, owning 38.6% of the bank.
Dame Alison was forced to resign last month over the "debanking" scandal stemming from the closure of Mr Farage's account with Coutts, a NatWest subsidiary.
The 54-year-old was forced to step down after admitting she wrongly told a BBC journalist that Mr Farage's bank account was shut because he wasn't wealthy enough to meet its thresholds.
Instead, it emerged that the bank held a 40-page dossier on Mr Farage's political views detailing the "significant reputational risks of being associated with him".
The documents said Mr Farage's views were "at odds with our position as an inclusive organisation".
The pay deal drew criticism from senior Tories.
'Out on their ear'
Previous Brexit secretary David Davis said: "If a junior employee had breached bank confidentiality, they would have been out on their ear with no pay whatsoever."
He added: "Frankly, the board should have blocked this and if the board was not willing to do it, the largest shareholder, which happens to be the Treasury, should have stepped in and said it is unacceptable."
Former business secretary Jacob Rees-Mogg said: "People who are fired for gross misconduct do not deserve payouts."
Former Conservative Party chair Jake Berry also said it was a "disgraceful reward" for failure.
City rules allow banks to claw back awards to senior staff if they are found to have subsequently broken rules.
Review
NatWest said it would continue to review Dame Alison's payout amid ongoing investigations into the scandal.
The bank has hired law firm Travers Smith to review Dame Alison's dealings with the BBC, with the results expected by mid-September.
However, Mr Farage accused the bank of kicking the investigation "into the long grass".
Dame Alison, who joined the bank as a graduate trainee in 1992, had been chief executive for four years before stepping down on July 25.
FTSE 100
The UK's top share index, the FTSE 100, was up 46 points at 7,362 shortly after opening this morning, following yesterday's 49-point rise.
Brent crude futures were down 0.44% at $82.86 a barrel.
Companies reporting today
- Half-year results: Harbour Energy