The Royal Bank of Scotland reported a $34.2 billion (Rs 1,72,000 crore) loss in 2008, which is the biggest annual loss in the UK corporate history.

After announcing the result RBS unveiled plans to cut $3.56bn in costs as part of a massive restructuring program.

It is really shocking to see such a massive loss by a major bank compared to $10.5bn (Rs 52,500 crore) profit it made in 2007.

The Royal Bank of Scotland Group, based in Edinburgh, UK, is the world's largest company by assets.