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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