RBS chairman calls for an end to public flogging

Royal Bank of Scotland chairman Sir Philip Hampton has called for the end of the “public flogging” of the bank, while also admitting that more jobs would go, on top of the 2,700 global cuts already made.

RBS directors are set to face angry shareholders at its annual general meeting in Edinburgh today (April 3) where they are expected to come under fire for their pay and pensions policy.

In a speech to shareholders later today, Sir Philip is expected to reveal that more redundancies would be made, but will not confirm how many and from which parts of the business they would come from.

“We can only be honest and say that this will not be the end of the story and more are expected in the UK and internationally in the period ahead.”

“I believe we should bring an end to the public flogging,” he says. “We have suffered a major financial hit and continued collateral damage from public criticism will compound the problem not resolve it.”

RBS has been at the centre of controversy ever since former chief executive Sir Fred Goodwin (pictured) refused to review his severance package.

RBS has already reported a loss of £24.1bn for 2008, which equated to the largest annual loss in UK corporate history. The Government now holds a 68% stake in the lender.

Latest from Marketing Week

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here