RBS reveals £2bn loss

UK taxpayer-backed Royal Bank of Scotland remained at the heart of the row over bankers’ pay today as it unveiled total losses of £2bn (€2.4bn) for 2011 at the same time as paying £785m in bonuses to its staff.

RBS, which is 82% state-owned after receiving a £45.5bn bailout at the height of the financial crisis, said the bonus pool included £390m for its 17,000 investment bankers.