RBS still in danger of collapse
A new book by financial journalist, Ian Fraser, published later this week, warns that RBS is still in danger of collapse.
In “Shredded: The Rise and Fall of the Royal Bank of Scotland” Mr Fraser explores how and why RBS, the world’s largest company at the time of its collapse, became the world’s most expensive bank to bail out. The author also proposes that the majority taxpayer-owned RBS could still implode owing to a black hole in its balance sheet.
The book is based on interviews with more than 120 current and former RBS insiders, external advisers to the bank, politicians and others. It explores the serial failure of the UK government and the RBS’s post-crisis management team to reform the bank.
At its zenith, RBS was the world’s biggest bank. It had assets of $3 trillion in 2007-08) and employed over 200,000 people.