Royal Bank of Scotland news stories on Newser

Brits Strip Bad Banker of Knighthood

Rob Quinn — Wed, 01 Feb 2012 00:52:49 CST

Sir Fred Goodwin is now just Fred Goodwin—or, as critics call the disgraced former Royal Bank of Scotland chief, Fred the Shred. The British government, saying Goodwin's bungling helped trigger the worst recession in the UK since WWII, has stripped him of the knighthood he was awarded in 2004...

Under Pressure, Bank CEO Waives $1.5M Bonus

Mark Russell — Mon, 30 Jan 2012 03:41:09 CST

The chief of Britain's second-largest bank declined his $1.5 million bonus yesterday, hours after opposition lawmakers vowed to put it to a vote, reports the Scotsman . The bank's board argued that Royal Bank of Scotland CEO Stephen Hester's bonus was reasonable, especially since his base pay of $1.9...

Moody's Downgrades Top UK Banks

Kevin Spak — Fri, 07 Oct 2011 08:57:05 CDT

Moody’s sliced the credit ratings of a dozen British financial companies today, including two of the UK’s "Big Four" lenders, Lloyds and Royal Bank of Scotland, both of which were partially nationalized during the financial crisis. Moody’s explained that it "believes that the government is likely to continue to provide...

Banks Duped Credit Unions Into Deadly Bonds: Feds

Rob Quinn — Tue, 21 Jun 2011 04:41:05 CDT

In one of the most aggressive such actions to date, the feds are suing two financial institutions for talking credit unions into bad-risk bonds that ended up destroying the companies. JP Morgan Chase and the Royal Bank of Scotland talked five credit unions into investing in $3 billion in mortgage...

British MPs Blast Bankers For 'Astonishing Mess'

Jason Farago — Fri, 01 May 2009 07:31:39 CDT

Bankers bear the majority of blame for the global economic crisis for having made "an astonishing mess of the financial system," an investigation by the British parliament's finance committee has concluded. The Treasury Select Committee said in a report that bailed-out banks such as HBOS and Royal Bank of Scotland...

Asian Shares Surge, Europe Opens Up

Jason Farago — Thu, 30 Apr 2009 04:34:17 CDT

Asian shares jumped today and European markets opened strongly, as good political and economic news encouraged investors. The Taiwan Stock Exchange rocketed 6.8% amid talk that mainland Chinese investors will be allowed to invest in the market, while in Tokyo the Nikkei closed up 4%. In London the FTSE...

G20 Protest Proves More Lark Than Bite

Ambreen Ali — Wed, 01 Apr 2009 15:51:04 CDT

Several broken windows aside, the G20 protests are shaping up to be more street party than angry mob, Time reports. Unlike traditional, oft-violent British protests, this one is intended to be “a peaceful and fun street party,” organizers say. Indeed, while some anarchists chucked beer cans at cops, many others...

Vandals Target Former RBS Boss, Vow Further Action

Nick McMaster — Wed, 25 Mar 2009 13:10:29 CDT

After the Edinburgh home of the former boss of the Royal Bank of Scotland was vandalized last night, an unknown group is warning of further attacks on financial figures, the Scottish Daily Record reports. Sir Fred Goodwin has been the focus of controversy since he took early retirement—complete with...

RBS Posts $34B Loss, Biggest in UK History, Gets 2nd Bailout

Jason Farago — Thu, 26 Feb 2009 06:03:32 CST

The Royal Bank of Scotland today announced an annual loss of $34.3 billion, the largest in British corporate history, and the Treasury said it would inject another $36 billion into the troubled bank. The UK government already owns 70% of RBS, a figure that could now rise to 95%,...