George Osborne admits RBS error: George Osborne says he created an error in not absolutely restructuring state-controlled Royal Bank of Scotland in 2010, but tells he would currently like to move "as quickly as we can to get rid of it" after the general election. The U.K. chancellor told that for many years he went along with RBS' then insistence that the investment bank was going to be a feasible business with operations all over the world.
"I certainly regret that," he said. "I did what I could to correct it". Mr Osborne organized the dismissal of Stephen Hester, RBS' chief executive, in 2013, putting in place a new administrative team led by the New Zealander Ross McEwan to refocus the bank as primarily a UK retail bank.
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