Shareholders in Royal Bank of Scotland(RBS) will never recover the money they lost after the lender's collapse more than three years ago, according to the bank's chairman.
Sir Philip Hampton said investors who owned RBS shares before its £45.5bn bailout in October 2008 were likely to be dead before its value recovered to pre-crisis levels, the Telegraph reports. "I don't think shareholders' wealth is likely to be restored any time in my lifetime or some lifetimes beyond," said Hampton, who became RBS chairman in January 2009. "Many thousands of shareholders lost an awful lot of money. We have still got a lot of baggage to clear up, which will be difficult." RBS shares hit a six-month low during yesterday's trading session and ended the day down 3% at...
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