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Royal Bank of Scotland (RBS) reported its fourth consecutive year of extreme losses since its massive bailout in 2008, posting losses of £2b, almost double from the year before. Share prices fell ~50% last year, now standing at a mere 27 pence. In 2008, RBS reported the largest annual loss in UK corporate history, and following its ~£45b bailout, became 82% state owned. The majority of its 2011 losses can be attributed towards (1) compensating customers who bought payment protection insurance they did not need up to £850m and (2) reporting losses of £1.1b on its investment on Greek government debt. Political pressure caused the CEO of RBS, Stephen Hester, to turn down a bonus of ~£1m. Even its investment bankers had to share bonuses of £390m, less than half of the amount divided among them the year before.
source: content from bbc and image from the telegraph