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RBS Making Good Progress


oresome

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Losses at the bank have doubled this year to £1.5 Billion. Revenue has fallen 8% in the past 6 months. More money is being set aside for mis-selling scandals and as compensation for the computer glitch which disrupted operations for two weeks earlier this year and no doubt lost them customers.

I'm glad this is deemed good progress!

On the bright side, as an unfortunate investor, it is difficult for me to lose any more money with this company, being 96% down.

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morddwyd

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"it is difficult for me to lose any more money with this company, being 96% down."

Don't be too sure.

There's a possibility the government may buy the remaining shares in this loss making money pit.

http://www.iii.co.uk/articles/45469/government-debates-rbs-nationalisation

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woody

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I think most older people that have these shares think they have no value to speak of. What was a nice nest egg - say 10,000 @ £15 is now 10,000 reduced to 1,000 @£2 - wont even pay to be planted! They might come back a bit ,if left alone for a decade or so ,but if the Gov interfere they will be worth even less.

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Aitchbee

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Is it possible to 'paint a negative gloss'? After you stack up the figures...there's a lot of work still to be done to fix this Bank.

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spuds

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I do believe the boss of RBS was on the television the other evening, saying how things were improving, but there is still a lot of work to be done?.

Apparently he as also refused to accept any bonus payments this year?.

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Snec

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"He refused to accept any bonus payments this year" implies that bonus payments were offered. This begs the question: by whom?

Just as with the MPs there has been a lot of skulduggery going on in banking for years, probably hand in hand, and they all seem to be outside of the law.

I know that when people invest they should realise that some risk may be involved but when banks started calling sales people 'financial advisors' they should have been pulled up immediately but regulating banks was somehow considered impudent.

Consider this: Retired couple sell their home, downsize and put £80,000 in the bank. As soon as the £80K hit their account a financial 'advisor' from their bank rang to make an appointment. This resulted in them putting their money where he 'advised.' Two years later the £80K is now £53K. OK, you may say, they took the risk so it's their fault. But I think the fault lays with the bank who paid the salesman/advisor a bonus of £6,000 for making the sale.

I am aware this example is small beer compared to the jiggery-pokery that has been going on with the casino banks but for someone to lose the only little money they had because of a bank is clearly wrong, especially when one of the bank's employees benefits to the tune of £6K as a direct result. In any other situation it would be called a scam and treated as illegal.

When you can't trust banks with your money - where do you put it?

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Forum Editor

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Snec

"He refused to accept any bonus payments this year" implies that bonus payments were offered. This begs the question: by whom?

By his contract - bonus payments are a contractual obligation, dependent on achieving personal performance targets.

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Snec

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FE

He hasn't refused to accept his contractual annual salary of £1.2 million though.

We mustn't forget that 80% of this bank is still owned by us. We will forget though in time. The British public is not renowned for it's memory. Ask an MP :o)

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morddwyd

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"has been a lot of skulduggery going on in banking for years, probably hand in hand, and they all seem to be outside of the law. "

If you have evidence of illegal activity you should surely inform the police?

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Snec

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morddwyd

Haha, Oh yes, too many these days hide behind that one - it's a safe thing to do too. Remember at the height of the expenses scandal many MPs, caught out flipping houses, buying personal equipment and putting as much of taxpayers money into their own pockets as they could manage, all appearing on the television saying 'I've done nothing illegal."

Whether or not it was illegal really doesn't matter - it was wrong and they knew it. A lot of what the banks have been doing fall into the same category. Something does not have to be illegal to be wrong, fixing the Libor rate for instance.

Lying is not illegal but it's wrong. There is far too much 'it's not illegal being bandied about.'

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Forum Editor

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Snec

Whether or not they knew it was illegal doesn't matter - it was wrong and they knew it

Well there you are, deciding that you know what was in other peoples' minds. You're making judgements about what is or isn't 'wrong' and assuming that everyone should accept what you say. You don't have all the facts, but that doesn't stop you from making sweeping statements about skulduggery going on 'for years'. If you have evidence to back up your allegations (and I suspect you don't), there's nothing to stop you from presenting it to the police.

Otherwise I suggest that you express your opinions without the wild allegations.

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