U.S. Banks Whisper “Recovery” But Key Brit Bank Doesn’t See it….

Stephen Hester, chief executive of Royal Bank of Scotland, dampened hopes that the economy is bouncing back, declaring that he did not see any signs of “green shoots” of recovery.

By Katherine Griffiths, Financial Services Editor
Telegraph (UK)

It is also “unknowable” when RBS will return to profit and 2009 and 2010 will be “very difficult”, Mr Hester said.

Mr Hester, who replaced Sir Fred Goodwin as chief executive in November with a brief to rescue the bombed-out bank, stressed that the process would take time.

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