Royal Bank of Scotland Group Plc, the recipient of the biggest banking bailout in the world, will eliminate more jobs and close additional branches before its restructuring is complete, Chairman Philip Hampton said.
Rory Cullinan runs the world’s worst bank from a fifth-floor office overlooking Liverpool Street station in London. His 400-person outfit doesn’t lend money or trade securities. Instead, it sells blown-out mortgages, busted loans and entire companies amassed by Royal Bank of Scotland Group Plc before it collapsed in the global financial crash of 2008. On a Friday afternoon in February, Cullinan is savoring a new feeling in his life as a toxic-asset disposal specialist: hope that the worst is finally over.
Royal Bank of Scotland Group Plc’s pledge to recoup 300 million pounds ($470 million) of its fine for rigging interest rates from bankers’ bonuses was criticized by British lawmakers as an exercise in “creative accounting.”