Advertisement

£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.