The Royal Bank of Scotland’s turnaround division tried to profit from struggling businesses following the 2008 financial crisis, it has been claimed today.
A joint investigation between BBC Newsnight and BuzzFeed News has alleged that RBS bought up assets cheaply from failing businesses it claimed to be helping.
A whistleblower passed confidential files to the organisations, which is it claimed show that the bank’s staff could increase their bonuses by establishing firms which could be squeezed in what it called a “dash for cash”.
RBS has denied the allegations concerning its Global Restructuring Group (GRG).
Futher details can be found here.