Why does RBS need to pay the ‘going rate for the job’ when no one wants it?

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RBS is looking for a new chief executive. And it seems, according to the FT, that no one outside RBS wants the job.

Which then begs the question why the person who will take it - who will probably be promoted internally - needs to be paid many millions a year for a job that there's no competition to fill.

But I am sure the remuneration committee will overlook that fact and it will be triples all round whatever the outcome.