The mistakes of the 2008 financial meltdown still weigh heavy on the Royal Bank of Scotland today. At the time, the bank was bailed out by the British government and claimed it would set aside three billion pounds, or about $4.97 billion, to cover litigation claims related to mortgage-backed securities.
RBS is now singing a different tune. As a result of the financial crisis, eight top executives of the bank will not receive bonuses for 2013, The New York Times reported. The bank’s CEO Ross M. McEwan said that he will not take a bonus for 2013 and 2014. “We have to show we take accountability seriously,” McEwan said in a statement.