This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7980512.stm

The article has changed 25 times. There is an RSS feed of changes available.

Version 3 Version 4
RBS to shed more jobs worldwide RBS to shed more jobs worldwide
(10 minutes later)
Royal Bank of Scotland expects to shed more jobs worldwide, the bank has said.Royal Bank of Scotland expects to shed more jobs worldwide, the bank has said.
RBS has already announced that about 2,700 posts will go but "this will not be the end of the story", according to chairman Sir Philip Hampton.RBS has already announced that about 2,700 posts will go but "this will not be the end of the story", according to chairman Sir Philip Hampton.
He also called for an "end to the public flogging" of the bank over its past mistakes.He also called for an "end to the public flogging" of the bank over its past mistakes.
Directors of RBS face shareholders at the bank's annual general meeting in Edinburgh where they will be rebuked over their pay and pensions policy. Directors of RBS will face shareholders at the bank's annual general meeting in Edinburgh where they will be rebuked over their pay and pensions policy.
There has been a public backlash against the size of the pension awarded to former chief executive Sir Fred Goodwin. Sir Philip will tell shareholders that more redundancies are expected, although it is too early to say how many jobs will go or where the cuts will be made.
Sir Fred resigned in October after the bank needed a government rescue but was still given a £703,000-a-year pension. Public backlash
Former RBS chief executive Sir Fred Goodwin resigned in October after the bank needed a government rescue but was still given a £703,000-a-year pension - a decision which led to widespread outrage.
FROM THE TODAY PROGRAMME More from Today programme
A government agency, as majority shareholder, will register the public's anger at the pension awarded.A government agency, as majority shareholder, will register the public's anger at the pension awarded.
However the bank does not have to accept shareholders' demands. However, the bank does not have to accept shareholders' demands.
RBS chairman Sir Philip Hampton will reiterate to shareholders that legal advice is being taken to see whether the decision on Sir Fred's pension can be reversed. Sir Philip will reiterate to shareholders that legal advice is being taken to see whether the decision on Sir Fred's pension can be reversed.
Current chief executive Stephen Hester has a clause in his contract ensuring he will receive no reward if he leaves the company for reasons of his own failure, Sir Philip will say. Current RBS chief executive Stephen Hester has a clause in his contract ensuring he will receive no reward if he leaves the company for reasons of his own failure, Sir Philip will say.
In February RBS reported it made a loss of £24.1bn in 2008 - the largest annual loss in UK corporate history.In February RBS reported it made a loss of £24.1bn in 2008 - the largest annual loss in UK corporate history.
Following a huge input of taxpayer's money to rescue the bank, the government now owns a 68% stake in the lender.Following a huge input of taxpayer's money to rescue the bank, the government now owns a 68% stake in the lender.
'Firebreak''Firebreak'
RBS has become the focus for public anger at the scale and expense of the finance sector's excess after Sir Fred presided over the bank's collapse and his settlement came to light.RBS has become the focus for public anger at the scale and expense of the finance sector's excess after Sir Fred presided over the bank's collapse and his settlement came to light.
It is against this backdrop that the new team at the top will face shareholders later.It is against this backdrop that the new team at the top will face shareholders later.
They already know that the report by their remuneration committee will be rejected by the "arm's length" agency that manages the government's stake, UK Financial Investments (UKFI).They already know that the report by their remuneration committee will be rejected by the "arm's length" agency that manages the government's stake, UK Financial Investments (UKFI).
Other shareholders may register their unhappiness at the nearly £5m in equity which has been handed to the new chief executive Stephen Hester. Other shareholders may register their unhappiness at the nearly £5m in equity which has been handed to Mr Hester.
But none of this will change what has already been agreed.But none of this will change what has already been agreed.
The bank's new bosses hope to create a "firebreak" between a disastrous recent past and their plans to help RBS back into profit.The bank's new bosses hope to create a "firebreak" between a disastrous recent past and their plans to help RBS back into profit.
Michael Lamoureux, who founded the RBS shareholder action group, told the BBC the bank had perpetrated "the biggest crime in financial history in the UK" when it asked shareholders for an extra £12bn to shore up its finances last year.Michael Lamoureux, who founded the RBS shareholder action group, told the BBC the bank had perpetrated "the biggest crime in financial history in the UK" when it asked shareholders for an extra £12bn to shore up its finances last year.
He said shareholders had been "grossly misled in the prospectus" and were being contacted about taking a class action against RBS.He said shareholders had been "grossly misled in the prospectus" and were being contacted about taking a class action against RBS.