Ex-West Brom boss nets 520k

THE ousted chief executive of West Bromwich Building Society, Stephen Karle, trousered a £520,600 pay-off last year, including an £82,000 bonus, despite presiding over risky lending that almost led to its collapse.

Karle’s total pay package for the seven months until his sudden departure in October was £686,600 and he is also entitled to a pension of £95,000 a year once he hits 65.

West Bromwich fell to a £48.8m pre-tax loss last year on £66m of bad debts and was perilously close to collapse before the government came up with a rescue plan.