The former CEO of the bailed-out Royal Bank of Scotland Group (RBS), Sir Fred Goodwin, has agreed to forgo about half his pension, which led to public outrage earlier this year, reports The Wall Street Journal.
Goodwin was awarded a annual pension of £703,000, which included credit for ten additional years of work. His normal pension would have been £579,000. Under the new agreement, his pension is approximately £342,500 per year.
Goodwin’s original pension created such ire in Britain that he has avoided being seen publicly, especially after his Edinburgh home was vandalized. Many see him as the cause of RBS’s near-collapse as well as a symbol for the banker excess and greed that led to the financial crisis. Currently, the U.K. government owns 70 percent of RBS.