Bank Boss Has a Conscience After All!?

Fresh from the 38 Degrees Petition Website!

“Dear Anna,

Late last night, RBS chief Stephen Hester said he would not take his £1 million bonus after all. [1] That’s a huge turnaround – and we helped make it happen.

When we launched the petition on Friday calling on Hester to refuse his giant bonus, it looked an uphill struggle. David Cameron and George Osborne were both claiming their hands were tied. Many thought it was a done deal.

But in 48 hours over 80,000 38 Degrees members signed the petition. The public outcry grew in volume across the internet and in the press. More and more politicians started to join in. By the end of the weekend, we’d got Hester to back down.

This latest breakthrough is yet more proof that people power matters. When enough of us speak up together, we can help change things for the better – even when politicians claim there is no alternative.

Remember when the government said there was nothing they could do to stop Rupert Murdoch taking over BSkyB? Or that selling off England’s forests was essential? Or that the NHS changes would be done and dusted by the middle of 2011? Time and again 38 Degrees members work together to prove there are alternatives.

Is there more we could be doing together to tackle the scandal of bankers bonuses and skyrocketing executive pay? You can share your thoughts on this on our Facebook page: or on the 38 Degrees website:

Here’s what some other 38 Degrees members are saying so far:

Deborah: “Way to go! 82K people signed in 48 hours! Well done 38 Degrees!”

Shaun: “This is great news, i like to think that our petition and facebook protest on here and on the RBS facebook page had a hand in making him change his mind on the bonus :)”

John: “A small enough victory but I hope a significant one. On to chasing tax dodgers and saving our NHS :)”

Anthony: “We need to remember this was not brought about by any pressure whatsoever by the government or the board. Both backed the bonus, the board siding with him and the government limp in their glaring lack of condemnation. The more we speak up the louder our voice.”

Wendy: “The arguments in favour of high salaries for bankers are as obscene as the salaries and bonuses themselves.”

Sylvia: “We pestered Hester – and he crumbled!”

Thanks for being involved,

Becky, Cian, Marie, David, Hannah, Johnny and the 38 Degrees team

PS: Big corporations keep a close eye on social media to spot threats to their reputation. RBS won’t have been able to miss all that we did over the weekend, with over 12,000 shares of the petition on Facebook, and 2,000 messages on Twitter. Well done to everyone who spread the word!


[1] The Telegraph: Stephen Hester bonus: “real change and new rules needed at Britain’s banks”

[2] Mirror: David Cameron sparks outrage as he nods through RBS chief Stephen Hester’s £1m bonus

[3] 38 Degrees petition

[4] Citywire reports that a source close to Stephen Hester says he feared “becoming a ‘pariah’ if the controversy continued”

[5] Read more on the 38 Degrees website about the Murdoch campaign

[6] The NHS campaign – and forests campaign

[7] Forests:

It’s great to post good news for a change 😀


One thought on “Bank Boss Has a Conscience After All!?

  1. Barry Johnstone says:

    There have been two instances in NZ of highly paid city council ‘officials’ eventually turning down MASSIVE pay rises! But the turning down was only done after intense protest – not at the time.


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