By Daniel Hunter
Stephen Hester, the chief executive of the Royal Bank of Scotland, has revealed that he briefly considered resigning due to the huge public uproar at his proposed bonus.
Hester had been in-line for a bonus just shy of £1 million, but huge public pressure saw him turn it down.
And now, speaking for the first time since the ordeal, he has told the BBC that there had been some 'deeply depressing' moments during the whole ordeal.
However, the chief executive said it would have been "indulgent" of him to resign.
Mr Hester said that he faced a huge challenge when he took control of the bank three years ago.
"I had to replace the whole senior management team at RBS," said Mr Hester.
"Not just people to run the bank well, but to defuse the biggest time bomb in history in terms of bank balance sheets.
"One of things that happens when you have a long period of expansion is that you can get overconfidence.
"In the case of the banking industry, I think there was both overconfidence and, with the benefit of hindsight, over-rewards."
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