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RBS and HBOS bankers say “sorry”

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They’ve admitted there needs to be changes to the banking bonus culture while RBS bosses declared the purchase of Dutch bank ABM Amro to have been a "bad mistake".

The hearing also revealed that a HBOS whistleblower, who warned the bank was taking excessive risk, was gagged and sacked.

Despite the bankers’ on-the-surface, conciliatory tones, the committee’s chairman, John McFall, believes they retained an element of arrogance.

Who knows if this first grilling will be the start of… well, something that will ultimately provide some answers to the banking crisis and some action points to ensure it won’t happen again.

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