RBS Is Almost Done Paying For Bank's Past F*ck-Ups, Says CEO

Author:
Updated:
Original:

A profit is nearly within reach.

Chief Executive Officer Stephen Hester said the “sins from the past are receding” after the government-controlled lender posted a bigger-than-estimated first quarter loss.

“There are still a few of them with us, and there will be several more quarters obviously in which that receding happens,” Hester told reporters today. “As we tick off each of these items from the past, then that growing operating profit will become increasingly available to shareholders.”

RBS CEO Says ‘Sins From the Past’ Fading as Bank Has Loss [Bloomberg]

Related

RBS: Those Libor Fines Don't Pay For Themselves!

Like many of its peers in the banking world, RBS used to make a habit of manipulating Libor (among other things). And, as recent reports suggest, the Royalest Bank of Scotland is probably going to be forced to cough up £300m (and fire a couple execs) to convince the government everyone is very sorry and it won't happen again. How does the bank, which has not had a money-making quarter since the financial crisis,* plan to come up with the cash? By 1) taking back bonuses that were already paid out to people who were involved in the scandal and 2) reducing everyone's bonus this year.