‘We don’t care if customers are made to suffer, as long as we save our skins,’ continuing our tenth anniversary series, Ian Fraser translates ‘banker-speak’ as Royal Bank of Scotland desperately struggled to survive a record-breaking pre-tax loss of £691 million in 2008
Financial crash 2008
Who has paid the cost in the HBOS crash? Inside HBOS, staff earning £15,000 -£18,000, who were also shareholders, were watching their savings evaporate. Ray Perman continues the story of a banking disaster unresolved to this day.
The events leading up to the crash began in New York, 7 September 2008. A week later the shock waves engulfed Scotland’s oldest bank in Edinburgh.