ROYAL Bank of Scotland chief executive Stephen Hester blamed the cultural and structural flaws of the "go-go years" of the pre-credit crunch boom as the company confirmed it has sacked employees over Libor rate-fixing scandal.
Former Standard Life chief executive Sir Sandy Crombie, now RBS's senior independent director, is conducting a review of the culture and values at the bank.
Part-nationalised RBS posted a first-half operating profit of £1.83 billion, down from £1.97bn in the same period last year, which investors took as a sign of resilience. Shares rose 11.5p to 216p.
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