The boss of the Royal Bank of Scotland has hit back allegations that the bank pushed businesses into default after moving them into its Global Restructuring Group by claiming that the firm ‘saved’ 162,000 jobs.
In a speech, following RBS’s 2013 financial results statement, Ross McEwan said the various mis-selling scandals and the Tomlinson report has led to the firm being the “least trusted bank in Britain”.
“We need to acknowledge that the sale of interest rate swaps and payment protection insurance (PPI) has seriously undermined trust in this industry,” said McEwan.
“We need to understand that allegations of mis-treatment of small business customers have undermined trust in this bank. We have to restore that trust. But we need to make sure that we do not lose the skills and abilities from a team that has saved over 162,000 British jobs by successfully restructuring 700 companies during 2013.”
RBS received a taxpayer funded £45bn (€54bn, $73bn) bailout in 2008, which eventually led it to be 81% owned by the government. Since then, it is has been riddled with mis-selling scandals, from PPI to interest rate hedging products.