Stephen Hester, who yesterday replaced Sir Fred Goodwin at the helm of the 281-year-old bank, signalled that RBS would shrink its balance sheet and that its operations in the UK would be at the core of the bank's future – suggesting a significant unwinding of the expansion that has characterised Sir Fred's eight years as chief executive.
Mr Hester announced his strategic rethink as RBS revealed a state-sponsored ￡20bn ($35bn, €26bn) cash injection that could leave the state owning almost 60 per cent of the bank.
It raises the prospect that, after more than a decade of breakneck expansion in the UK, the US, Europe and Asia, RBS is poised to shrink back to its roots as a consumer and commercial bank in Britain.
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