RBS spends £38m on 'clean-up' so far

Hester gave up his £1m bonus last week in the wake of a public backlash against his pay. In an email to RBS staff, Hester said RBS is still in a "loss-making phase" having already spent £38m on reforming the bank, the Telegraph reports. "Over the last three years we have generated over £33bn of pre-impairment profits from improving our core businesses," Hester said. "This has allowed us to afford to take the costs of 'clean-up' from our risky inheritance, in loan losses, disposal costs and restructuring charges (£38bn so far). "We are ahead of schedule in that clean-up; in fact,...