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| RBS to shed more jobs worldwide | RBS to shed more jobs worldwide |
| (20 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 will 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. |
| 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 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. |
| 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. |
| FROM THE TODAY PROGRAMME More from Today programme | FROM THE TODAY PROGRAMME More from Today programme |
| 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. |
| Sir Philip blames RBS's difficulties on its acquisition of the Dutch bank ABN Amro in 2007. | Sir Philip blames RBS's difficulties on its acquisition of the Dutch bank ABN Amro in 2007. |
| RBS had to write off £16.2bn last year because of previous acquisitions, most notably ABN Amro. | RBS had to write off £16.2bn last year because of previous acquisitions, most notably ABN Amro. |
| Public backlash | 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. | 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. |
| 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 when they vote on its remuneration report. | However, the bank does not have to accept shareholders' demands when they vote on its remuneration report. |
| And Sir Philip is prepared for a major protest vote | And Sir Philip is prepared for a major protest vote |
| "I absolutely understand why shareholders have voted against it," he told the BBC. "It is overwhelmingly because [of] the concerns about Fred Goodwin's pension." | "I absolutely understand why shareholders have voted against it," he told the BBC. "It is overwhelmingly because [of] the concerns about Fred Goodwin's pension." |
| "Remuneration obviously has been a big issue. It's been addressed by the world leaders in the G20 in recent days." | "Remuneration obviously has been a big issue. It's been addressed by the world leaders in the G20 in recent days." |
| '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. |
| In addition to the row over pensions, shareholders may also register their unhappiness at the nearly £5m in equity which has been handed to Mr Hester. | In addition to the row over pensions, shareholders may also 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. |
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