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Bank has further problems to deal with
Although the Royal Bank of Scotland has yet to make an official announcement, it is thought that it has put plans in to place to cut 4,500 jobs in the UK. RBS had offered investors £5 billion shares with only 0.7 per cent taken up by investors leaving the government with no other option than to put the bank almost entirely in the hands of the tax payer by taking on the remaining shares to give the tax payer a total of 70.3 per cent ownership.
The bank had hoped to use the £5 billion to pay back the government’s holding of preference shares but instead the government’s shares have been converted into ordinary shares which today will be offered at three for seven shares priced at 31.75pence.
At a shareholders meeting held recently in Edinburgh, the bank’s chairman Sir Philip Hampton, called for an end in the public “flogging” of the bank and included the recent vilification of it former chief executive, Sir Fred Goodwin as an example.
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