RBS Reports Record Losses

The Royal Bank of Scotland has reported the largest ever loss in UK corporate history. A whopping GBP40 billion pre-tax was flushed down the lavatory at RBS in 2008. I wouldn't like to be the plumber called into unblock that baby, would you?

As the bank announced a sweeping restructuring plan shares jumped 30% in early trade, despite the losses.

As part of the plan up to 20,000 jobs could go. Why don't they start by "restructuring" former chief executive Sir Fred Goodwin's apologetic little face as he cashes in his fat £650,000 a year pension?