Hester reveals RBS restructure has cost £38bn

Stephen Hester, chief executive of the Royal Bank of Scotland (RBS), has revealed restructuring costs for the bank have so far totalled £38bn.

Hester (pictured) revealed the huge sum in a staff memo yesterday, days after the embattled chief executive said he would not be accepting a £1m bonus, the Financial Times reported. The £38bn charge covers the loan losses, disposal costs and restructuring charges the bank has taken since its collapse in 2009. It is the first time the total cost of the restructure of the bank has been revealed by Hester. Hester also warned the bank would continue to be loss making for some time. He said in the memo: "RBS is still in its loss making phase which inevitably gives us communication ch...