Hester Faces 3 More Years To Turnaround RBS

RBS

For Royal Bank of Scotland CEO Stephen Hester, the biggest turnaround in corporate history is not over.

Reuters reports that Hester, who has shrunk RBS by $1.1 trillion since he began repairing its balance sheet four years ago, can count on at least three years' work to finish the job.

At the height of the 2008 financial crisis, RBS came within hours of running out of cash, and Britain had to pump in $73bn to prevent a potentially catastrophic failure of what at the time was the world's fifth largest bank.

With British taxpayers left holding an 81% stake in RBS, which had a meteoric rise thanks to a string of takeovers, Hester's challenge has been to return the once small Scottish retail bank to being a 'normal' lender, with loans matched by its deposits instead of a reliance on wholesale funding.

Hit the link below to access the complete Reuters article:

Hester faces 3-year grind to finish RBS turnaround

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