Home Business NewsBusiness RBS makes £8.2bn loss and admits it is “too expensive”

RBS makes £8.2bn loss and admits it is “too expensive”

by LLB Reporter
27th Feb 14 9:14 am

The Royal Bank of Scotland has posted an annual pre-tax loss of £8.2bn for 2013, which was widely expected, although it made an operating profit of £2.5bn.

It is the sixth consecutive year the bank has made an annual loss since being bailed out in 2008 by the government, which now owns an 81% stake.

CEO Ross McEwan said: “Let’s be quite clear. We are too expensive, we are too bureaucratic and we need to change.”

He aims to shrink costs by 40%, and refocus on Britain.

He aims to have 80% of RBS’ assets based here, up from 60% now.

RBS’ bonus pool was £576m in 2013, down 15% from 2012.

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