The bank's new chief executive Stephen Hester conceded that job losses were expected, but said he wanted RBS to move forward following its financial difficulties.

At a general meeting of the RBS Group in Edinburgh yesterday shareholders voted 99 per cent in favour of the rescue plan, which will see the bank offer £15 billion in new ordinary shares, with the Government promising to buy up any remaining.

The Government has also committed to buying £5 billion in preference shares which RBS will buy back in time.

The drastic fundraising move - which could put nearly 60 per cent of the company in public hands - comes on top of a £12 billion rights issue by RBS earlier this year before the financial crisis worsened.

During yesterday's meeting, outgoing chairman Sir Tom McKillop and former chief executive Sir Fred Goodwin apologised to shareholders for the company's financial situation.

Mr Hester replaces Sir Fred, who tendered his resignation in October and stood down from his post yesterday.

Sir Tom told shareholders the "full strategic review" would focus on the businesses where RBS had stable, profitable and market-leading customer franchises.

He added: "Stephen has the full support of us all in leading RBS back to the world-class status and financial returns that we can all be proud of. We must now look forward and this is the focus of everyone in the group.

"A new chapter in the RBS story must begin."

Mr Hester said he expected there would be job losses at the company.
He added: "We all have to make sure we give our people a sense of optimism and look to the future and not the past."

"I am really optimistic that the colleagues that I have met are up for the new journey."