RBS

The Royal Bank of Scotland is to reduce the size of its investment bank by as much as £30bn and cut hundreds more jobs as the taxpayer-backed lender attempts to head off growing government pressure to close down the controversial division.

Chancellor George Osborne has ordered the Treasury to draw up plans for a mass give-away of Royal Bank of Scotland (RBS) shares to taxpayers by the next election in 2015, according to reports.

Stephen Hester, chief executive of Royal Bank of Scotland(RBS), mounted a strong defence of his bonus package to MPs yesterday, despite mounting criticism of the bank's involvement in the LIBOR scandal under his watch.

Royal Bank of Scotland's (RBS's) chief executive is expected to receive a £780,000 bonus next month, despite the recent LIBOR scandal which has tarnished its reputation.

The Parliamentary Commission on Banking Standards is set to take evidence from the chairman and chief executive of Royal Bank of Scotland Group (RBS), Sir Philip Hampton and Stephen Hester,

RBS has confirmed it faces not only a monetary fine but also other unspecified sanctions in relation to the LIBOR fixing scandal.

Former Tory Chancellor Nigel Lawson has called for George Osborne to fully nationalise Royal Bank of Scotland (RBS) and criticised the bank's so-called "star" traders.

Royal Bank of Scotland (RBS) is to pay up to £250m in bonuses to its investment banking division, including to those implicated in the LIBOR-rigging scandal.

Threadneedle and Schroders are among the City firms that have been approached about buying a stake in the 316 Royal Bank of Scotland (RBS) branches the bank has put up for sale, according to reports.

The Financial Services Authority (FSA) has extended its investigation into firms suspected of attempting to manipulate the London inter-bank offered rate (LIBOR) to interdealer broker ICAP, according to a report in the Financial Times (FT).