RBS posts largest ever losses
www.moneynews.co.uk > Banking > RBS posts largest ever losses
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Money News |
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RBS posts largest ever losses
Thu 26th Feb 2009
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Unveiling the historic £24.1 billion loss, the bank announced that it plans to raise £25.5 billion by selling more shares to the government.
The beleaguered bank is already 70 per cent state-owned and this latest effort to raise funds from the taxpayer brings it a step closer to nationalisation.
Chief executive Stephen Hester hinted that the bank's workforce could be cut in an effort to claw back some of its losses, when he said he would not deny reports that up to 20,000 jobs could be lost.
Derek Simpson, joint leader of Unite, said: "The whole country is paying the price through job cuts and repossessions on a massive scale. It is time to take control and fully nationalise this bank."
Recently, it was revealed that RBS' former chief executive Sir Fred Goodwin, who left the bank last year, is currently claiming a pension of £650,000.
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