RBS denies top bosses are leaving

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It was reported that Sir Fred Goodwin and his chairman Sir Tom McKillop are leaving, with replacements already lined up.

Asked if the pair were going to step down, a spokeswoman for the bank said: "No."

The bank, whose share price fell nearly 40% on Tuesday, added in a statement: "We have been uniquely focussed on working with government and the other banks to bring stability to the system. Management changes have not been a feature of these discussions."

Sir Fred, who earned more than £4 million last year, welcomed the rescue package announcement.

Under its terms, NatWest owner RBS is one of eight banks and building societies able to obtain up to £25 billion of capital support. Banks must also cap executive pay and shareholder dividends as part of the plan.

Sir Fred, 50, said: "We welcome this comprehensive package of measures in response to unprecedented conditions in the financial system. The Government has increased support in a number of important areas."

"The proposals will enable us to strengthen our position and to support our customers across the economy."

Both his and Sir Tom's positions have been under scrutiny since the group was forced to raise £12 billion from investors earlier this year.

RBS has also written off nearly £6 billion from credit crunch-linked investments this year, making it one of the worst UK banks to be affected by the sub-prime loans crisis.