Today as Sir Fred Goodwin apologised in front of the Treasury Select Commitee for the decline of The Royal Bank of Scotland his former colleagues were hearing of likely cuts in staffing levels. With an already declared £28 billion loss there is some serious explaining to be done.

The gigantic nature of the loss reported recently cannot be underestimated, as it stands as the largest loss in UK corporate history. RBS is no stranger to the history books as its acquisition of ABN Amro, the straw that eventually broke it’s back, was one of the largest in global banking history being bought over for 72 billion Euros. Former Chairman McKillop referred to that today as a "big mistake".