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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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Royal Bank of Scotland announces loss of £5bn

The Royal Bank of Scotland has announced an annual loss of just over £5 billion, higher than experts had predicted.

The announcement comes following a year of scandal featuring Libor fixing and the mis-selling of loan insurance.

It represents a fifth successive year of losses.

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