There are no two ways about it: yesterday was an ugly one for the Royal Bank of Scotland. And the benighted bank has had a few so it should know.

RBS was fined £390m by regulators after an inquiry found that staff had conspired with rival banks and brokers to rig borrowing rates for profit. John Hourican, the head of the investment banking arm, announced that, although he had no knowledge of the unauthorised activities, he would forfeit share awards of £4m and leave the bank at the end of April.