Royal Bank of Scotland chairman Sir Philip Hampton has warned investors who owned the bank prior to its £45.5bn bailout in October 2008 that they were unlikely to recover the money they lost as a result.
The Telegraph reports Sir Philip Hampton said investors’ money from the nationalised bank was unlikely to be recouped in his lifetime.
He said: “I do not think shareholders wealth is likely to be restored any time in my lifetime or some lifetimes beyond. Many thousands of shareholders lost an awful lot of money. We have still got a lot of baggage to clear up, which will be difficult.”
Hampton added that despite calls for RBS chief executive Stephen Hester to give up his bonus, the “great majority” of institutional investors had been in favour of awarding him the all-share payment of almost £1m.