Royal Bank of Scotland grew into one of the world’s biggest banking groups through aggressive acquisitions, but overstretched itself when it tried to buy Dutch banking giant ABN Amro in 2007. The British government pumped 45 billion pounds (US$73 billion) into RBS to keep it afloat in 2008, leaving it 82 per cent state-owned. As of November 2012, the taxpayer faced a loss of 19 billion pounds on the investment.
RBS is the latest bank to reach a settlement with the Securities and Futures Commission and the Hong Kong Monetary Authority after investigations into whether bank staff mis-sold risky products to customers.Friday, 19 July, 2013, 5:32am
British prosecutors say they have extensive evidence against former trader Tom Hayes, the first suspect to come to court following a global investigation into the suspected rigging of interbank lending rates.5 Jul 2013 - 10:47am
Britain’s finance ministry has appointed investment bank Rothschild to advise on the potential break-up of part-nationalised Royal Bank of Scotland .
Finance Minister George Osborne said in June that Britain would examine whether to split the bank up, after acknowledging a sale of the government’s 81 per cent stake in the bank remained a long way off.4 Jul 2013 - 10:14am
Royal Bank of Scotland will struggle to recruit a suitable replacement for ousted chief executive Stephen Hester, someone who must steer it through privatisation and accept that political interference comes with the job.14 Jun 2013 - 11:05am
Britain's four biggest banks will have eliminated about 189,000 jobs by the end of this year from their peak staffing levels, bringing employment to a nine-year low amid a dearth of revenue. More cuts may follow.29 May 2013 - 2:51am
Royal Bank of Scotland's Japan brokerage unit head is preparing to resign as the company faces penalties for attempts to manipulate benchmark interest rates, according to two people with knowledge of the situation.12 Apr 2013 - 6:13am
A multistate probe of alleged manipulation of interest rates threatens to leave banks liable for billions of dollars in estimated state and local losses from the scandal, even as they settle with national regulators.8 Feb 2013 - 3:53am
More than a dozen traders at RBS offices in London, Singapore and Tokyo manipulated the London interbank offered rate, which is used to price trillions of dollars worth of loans, from at least 2006 until 2010.7 Feb 2013 - 5:17am
The more we learn about the manipulation of the London interbank offered rate (Libor), the more expensive the scandal becomes for the financial institutions involved. If banks want to control the damage, they would do well to come clean sooner rather than later about the full extent and effect of their misbehaviour.2 Feb 2013 - 4:25am
Royal Bank of Scotland, Britain's biggest publicly owned lender, may reduce the bonus pool at its investment bank by more than a third as it prepares to pay fines to US and British regulators for Libor manipulation, a person with knowledge of the plan said.30 Jan 2013 - 4:55am