Leader of the Royal Bank of Scotland (RBS) Stephen Hester has revealed the astronomical costs involved in turning the stricken bank's fortunes around. He stated that £38 billion has already been spent on efforts to clean up the institution and this figure is likely to rise even further. Mr Hester announced in a letter to the bank's staff that losses accrued through failed loans accounted for the bulk of the huge costs. The letter also noted that RBS is still in the loss-making stage, although Mr Hester insisted that it was ahead of schedule in its clean-up process. "In fact we have been able to spend money and accelerate it as the outside environment got worse. RBS is a much safer company as a result," he declared. Mr Hester recently turned down a bonus payment that would have been the equivalent of nearly £1 million, after he was put under immense pressure by the Labour Party and campaign groups, who were angry that the state-owned bank was considering handing out such huge perks. John FieldmanHaving worked in the city for 19 years, John's main focus is interest rates and corporate finance.
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