RBS is ‘poster child’ for banking excess, admits Hester
Stephen Hester, chief executive of Royal Bank of Scotland, says customer needs to come first
Stephen Hester, chief executive of Royal Bank of Scotland, has admitted the institution is a “British poster child for what went wrong in the banking industry”. He told an audience at the London School of Economics: “The banking industry in the decade preceding the crisis was focused on income. It expanded too fast, prioritised sales over service and failed to properly balance the interests of its customers and shareholders with those of its managers.” He added that the industry needs a “new compact” with society, where the customer comes first, reports The Daily Telegraph.