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Showing posts with the label RBS

The Banksters at RBS

The crimes of Royal Bank of Scotland as described on this website.

UK: PPI mis-selling - Estimated liability: £2.65 billion
RBS has set aside £2.65 billion in provisions to cover the cost of compensating customers to whom it mis-sold payment protection insurance (PPI). This often redundant product was highly lucrative for the banks but was useless to many of the people who bought it. The bank now has 1,800 staff working full-time on PPI redress. It threw an additional £250 million into the compensation pot on Friday.

UK: Rights issue class action - Liability: up to £13 billion
The bank is fighting the UK’s largest ever class action case in the High Court. The suit comes from 13,000 RBS investors who allege that the bank duped them into putting £12.3 billion into a rights issue in April 2008. On 30 July, the RBoS Shareholders Action Group was ordered to amalgamate its £4.3 billion claim with those of two other investor groups. A QC’s opinion last year found that asset-management firms t…

The Golden Parachute

After five years as boss of Royal Bank of Scotland boss Stephen Hester has announced plans to step down. Hester will leave later this year and will receive 12 months' pay and benefits worth £1.6 million and the potential for a £4 million shares windfall from a long-term incentive scheme.

Bank staff union Unite’s national officer Dominic said “With over 30,000 job losses over the last five years and major stress for RBS staff there is likely to be a lot of anger over Stephen Hestor's tax-payer funded multi-million pound exit package.”