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By Oliver Farrimond
THE ROYAL Bank of Scotland yesterday announced losses of £24 billion – the biggest in British corporate history.
With the recession set to deepen in 2009, the announcement will come as grim news to investors, shareholders and RBS customers.
Speaking at a news conference, RBS chief executive Stephen Hester said the bank was “under no illusions” about the scale of the losses.
He added that it was important “to think about the past, to know what went wrong, to disclose it and to address those issues”.
The troubled bank, which was bailed out by taxpayers earlier this year, is also under fire over the pension of ex-boss Sir Fred Goodwin.
The disgraced exec’s £650,000-a-year retirement package has provoked widespread anger, with political leaders from all parties calling on the ex-RBS chief to give up his taxpayer-funded pension.
