Royal Bank of Scotland Group Plc, Britain’s biggest taxpayer-owned lender, apologized for a technical fault that left customers unable to access accounts and offered to compensate those who have lost money.
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 expects to post a “substantial” full-year loss after transferring 38.3 billion pounds ($61 billion) of its worst loans to an internal bad bank under government pressure.
Royal Bank of Scotland Group Plc, Britain’s biggest government-owned bank, unexpectedly said Chief Executive Officer Stephen Hester will step down at the end of 2013 as the U.K. prepares for a possible share sale.
Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, fell in London trading after Chief Executive Officer Stephen Hester quit and the company started to cut 2,000 investment-banking jobs.
Royal Bank of Scotland Group Plc Chief Executive Officer Stephen Hester decided to waive his 963,000-pound ($1.5 million) bonus after the U.K.’s opposition Labour Party said it would ask Parliament to vote on the award.
Five years after giving Royal Bank of Scotland Group Plc a record banking bailout, the British government is making it harder to recoup its money by sowing confusion over the firm’s structure and future profitability.
Royal Bank of Scotland Group Plc Chief Executive Officer Stephen Hester said the lender may be ready to be returned to private hands before the 2015 general election, providing a boost for Prime Minister David Cameron.