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RBS announces £5bn losses

The Royal Bank of Scotland has announced losses of £5.16billion - a fifth consecutive annual loss. Chief Executive Stephen Hester described 2012 as a "chastening" year. It was also revealed the bank paid £607m in bonuses in 2012.

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£5 billion losses part of 'chastening' year for RBS

Chief executive Stephen Hester. Credit: Ian Nicholson/PA Archive

Royal Bank of Scotland chief executive Stephen Hester has said 2012 was a "chastening" year for the part-nationalised lender.

RBS recorded pre-tax losses of £5.2 billion last year, a steep rise from £1.2 billion in 2011.

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