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.