Stephen Hester, who formally takes over as RBS's chief executive later this month, told the Financial Times that the bank had overextended itself at the wrong time, leaving it particularly vulnerable after the collapse of Lehman Brothers shook confidence in the global financial system.
Although RBS had built up good businesses in its 10-year expansion from its roots as a medium-sized Scottish lender, “the bank overextended itself and got caught up in a bull market culture”.
Mr Hester was appointed last month, following a government bail-out that led to the ousting of Sir Fred Goodwin, RBS's chief executive and architect of its aggressive expansion. Sir Tom McKillop, the chairman, is due to step down next spring.
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