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.
Royal Bank of Scotland Group Plc executives said the government may start reducing its 81 percent stake as soon as next year even as the bank posted a bigger- than-estimated decline in first-quarter operating profit.
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.