Incoming and outgoing Clydesdale bosses share £2.7m pay over nine months

The new boss of Clydesdale Bank was paid more than £1.3million in his first four months in the job.

As the lender readies itself to become independent for the first time since 1920, latest accounts show David Duffy received £500,000 ‘golden hello’ as well as a bonus of £450,000.

The Glasgow-based lender’s latest report also showed that it paid its former chief executive David Thorburn more than £1.4 million for five months’ work.

The document confirms that Mr Thorburn, who left on February 28, received a full salary of £460,000 for the 12 months to September 30 even though he only worked part of the year.

It is understood his pro-rata pay would have been about £188,000, with the remainder given to him in lieu of notice.

The annual report notes a £952,000 payment under benefits and allowances, which includes items such as cash payments in lieu of pension and compensation for loss of office.