The chief executive of Royal Bank of Scotland, Stephen Hester, has warned of "choppy waters ahead" for the bank after it announced a £5.17 loss, its fifth annual loss since 2008 when the bank was bailed out by the taxpayer.
The losses are believed to be a result of the state-owned bank being hit with a number of charges, including having to set aside £2.2 billion for compensating customers who were mis-sold payment protection insurance (PPI) and a £390 million fine for the attempted fixing of inter-bank lending rates.
Despite the loss, RBS is believed to have paid out over £670 million in bonuses, £287 million of which was awarded to its investment bankers.
In a statement, Mr Hester said it had been a "chastening" year for RBS in which it had tried to "put right past mistakes".
"Along with the rest of the banking industry we faced significant reputational challenges as we worked with regulators to put right past mistakes," he said.
"We are determined to overcome the cultural and reputational baggage of pre-crisis times with the same focus we have applied to the financial clean-up from that ear," he added.
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