COSTLY PROBLEMS: Royal Bank of Scotland reported a net loss of 466 million pounds ($723 million) for the second quarter after it set aside 310 million pounds to cover the costs of a computer crash, compensation for mis-selling complex interest rate swaps and payment protection insurance to customers.
LIBOR SCANDAL: RBS said it had dismissed a number of employees for misconduct as a result of investigations into the fixing of the London interbank offered rate (LIBOR), a key market index. The issue remains under investigation. RBS has not been fined for any part in the scandal.
NO BONUS: Chief Executive Stephen Hester has said he would not accept a bonus for this year because of the computer problems, which struck on June 16. Many customers complained that their deposits had not been posted promptly, leaving their accounts with insufficient funds to pay bills.