RBS

Fred Goodwin, the former CEO of Royal Bank of Scotland (RBS) stripped of a knighthood for his role in the bank's near collapse, is among several former RBS directors fighting claims they were at fault for the lender's troubles.

World markets including the FTSE fell in early trading as weak economic data and Moody's downgrade of 15 banks unnerved investors.

Credit rating agency Moody's has downgraded 15 financial institutions overnight, including major UK and US banks.

Banking stocks across Europe were falling this afternoon, with investors fretting over Spain's ability to fund itself after yields spiked above 7% once again.

Business secretary Vince Cable could take action against Fred Goodwin and a small number of former Royal Bank of Scotland (RBS) directors over the bank's collapse.

UK bank shares have jumped following last night's announcement of a £100bn stimulus package for the UK economy.

The country's major banks are sitting on £40bn of undeclared losses that are stopping them lending to businesses and households, a report has claimed.

Shareholders in Royal Bank of Scotland(RBS) will never recover the money they lost after the lender's collapse more than three years ago, according to the bank's chairman.

Former Barclays chief John Varley is no longer in the running for the top job at the Bank of England, Investment Week understands.

Miners dragged the FTSE 100 down this morning after Australia cut its economic growth forecast, with investors also nervous ahead of key US jobs data.