Head of Austrian bank returns millions in pay

Head of Austria's Raiffeisen International Bank returns 2 million euros in pay

Associated Press

VIENNA (AP) -- The head of an Austrian bank has returned millions of euros of his pay from last year, saying the size of his remuneration goes against his and the bank's values.

Herbert Stepic reimbursed 2 million euros ($2.6 million) of the 4.9 million euros he received at Raiffeisen International Bank for 2012, saying his pay had been inflated by the bank's strong share performance.

In an email to staff, Stepic describes his move as "my personal contribution to the rigorous cost-saving measures in our company."

The bank's corporate communications department forwarded the email to The Associated Press on Tuesday upon request.

The EU decided to limit bankers' bonuses to twice their yearly salary in February.

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