Royal Bank of Scotland chief executive Stephen Hester is to waive his £1m bonus, Sky sources say.
It comes just hours after the Labour Party said it would force a House of Commons vote calling for Mr Hester to be stripped of his bonus.
Mr Hester had been facing mounting pressure to follow the bank's chairman, Sir Philip Hampton, and waive his bonus.
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Royal Bank of Scotland chief executive Stephen Hester is to waive his £1m bonus |
Sky News' City editor Mark Kleinman said: "Stephen Hester has decided, after days of mounting criticism about his million-pound bonus award, to relinquish that bonus.
"He has decided to waive it and he will not accept the 3.6 million shares that he was granted by the board of directors."
"The political pressure on Mr Hester has been growing for several days.
"The Labour Party called for a vote in the Commons on the issue and Mr Hester is said by friends of his to be deeply concerned by the fact that he is becoming a pariah of the banking sector, despite the fact that he was parachuted in to help turn RBS around after it was bailed up by British taxpayers in 2008.
"This is clearly an attempt by him to prevent the escalating row over his bonus, distracting him from the job of running RBS, which is one of the biggest corporate turnarounds in the history of the banking sector."
©SkyNews
©SkyNews
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