RBS chief's pay rises to 4 million pounds

LONDON (Reuters) - Royal Bank of Scotland's Chief Executive Fred Goodwin was paid 4 million pounds last year, up 38 percent from 2005, the bank's annual report showed.

Finance Director Guy Whittaker was paid 4.5 million pounds for his 11 months since joining in February 2006, including 2.4 million pounds in shares and cash to compensate him for bonuses he would have received if he had stayed at Citigroup.

RBS (RBS.L: Quote, Profile, Research) shareholders approved new remuneration packages last April. The 2006 report, released on Friday, showed Goodwin was paid a salary of 1.2 million pounds last year, up 9 percent, and a performance bonus of 2.8 million.

Profits at Europe's second biggest bank rose 14 percent last year to 9.4 billion pounds and its shares rose 14 percent during the year.

Johnny Cameron, head of RBS's Corporate Markets unit, where operating profit rose 20 percent to 5.6 billion pounds, was paid 3.5 million pounds last year, including a bonus of 2.3 million.

Larry Fish, the head of U.S. banking arm Citizens, where profits were flat last year at 1.6 billion pounds, was paid 2.7 million pounds, up from 2.5 million in 2005.