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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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RBS to reveal damage from a succession of scandals

RBS is to released its full year financial results today. The state-backed bank has been rocked by its fair share of scandals in the past year. Here is a brief reminder:

  • Fined £390 million for its part in the Libor rate-fixing scandal
  • Had to put aside millions to compensate small business customers for the mis-selling of interest rate swaps
  • Put aside an additional £400 million to pay for the mis-selling of PPI, bringing the total costs involved to £1.7 billion

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