RBS may be the bank with the worst reputation in the developed world. Arrogant, hubristic, profligate and, let’s be honest, bankrupt. Whilst the party line has been that they are grateful for government support (ie us the taxpayer) every so often it slips out – their real feelings internally.

Their real feelings, courtesy of CFO Kyle is that they have been unfairly singled out and done nothing wrong. What they actually done is go bankrupt, but unlike most businesses, they have had recourse (secretly) to massive government intervention.  They are now, to all intents and purpose public servants and should accept that fact.

The whole notion that RBS can trade its way out of its situation is both unrealistic and also preposterous. Of course these banks should be broken into pieces and we should be able to start again. Maybe, in future shareholders will think more carefully about a company’s extraordinary. growth plans.

Kyle’s comment have done RBS’s reputation some real damage as he has revealed the true sentiments of senior management.  We knew bankers were arrogant… it’s always nice to have proof.