Former UK bank bosses 'profoundly sorry'

Former bosses at bailed-out UK banks Royal Bank of Scotland (RBS) and HBOS said they were "profoundly sorry" today and admitted they under-estimated the extent of the financial crisis.

Fred Goodwin, former chief executive of RBS, which is now nearly 70% owned by British taxpayers, apologised for "all of the distress that has been caused" in a bruising encounter with MPs on the Treasury Select Committee.