Thursday, 23 February 2012

RBS reveals pre-tax losses of £766 in 2011 - Why Hanging on?

The Royal Bank of Scotland has reported its fourth year of losses since the bank's bailout in 2008.
The bank posted an attributable loss of £2bn in 2011, almost double a £1.1bn loss in 2010.
In reaction to the annual results, Chancellor George Osborne said RBS is "cleaning up the mess after the biggest bank bailout in history".

Last month chief executive Stephen Hester turned down his bonus of nearly £1m following political pressure.
"We all understand that a company that is making losses at the bottom line tests the patience of those who depend on it," he said in the results.

Last year, the company's share price fell 48% and now stands at around 27 pence.
RBS is 82% owned by the state after its £45.5bn bailout in late 2008 at the height of the financial crisis, when it posted the biggest annual loss in UK corporate history.

On a pre-tax basis, last year's loss was £766m compared with £399m in 2010.
Read more about it.

Loss has grown in size so why not get rid of this Bank?

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