2008

- August: RBS reports a bottom line loss of £761 million for the half year. It is the bank’s first six-month loss.

- 13 October: The UK Government injects £20 billion into RBS to help prop up the struggling lender as the financial crisis takes hold. The taxpayer now holds a 70 per cent stake in the lender.

- October: RBS announces chief executive Fred Goodwin, who has been at the helm since 2001, will step down. The now infamous banker known commonly as “Fred the Shred” for his cost cutting tactics is replaced by Stephen Hester. of unsuccessful negotiations with potential purchasers of the SME business known as Williams & Glyn, RBS says it will look to establish a standalone bank.

- April: The UK’S Financial Conduct Authority launches an investigation into RBS’ Global Restructuring Group, which has been accused of pushing small businesses towards failure in hopes of picking up assets on the cheap.

- November: RBS reaches a £217m settlement with UK and a $290m settlement with US authorities in relation to foreign exchange manipulation allegations.