Home Business NewsBusiness Royal Bank of Scotland profits tumble seeing a ninth year of losses

Royal Bank of Scotland profits tumble seeing a ninth year of losses

by LLB Reporter
24th Feb 17 8:25 am

Take a look at the results…

Royal Bank of Scotland has reported an annual loss of £7bn due to past problems hitting the business.

This is also the ninth year the bank has reported a loss, its 72 per cent owned by the taxpayer.

The bank made the decision to put more money aside so it could deal with the legal action in the US, as well as the abandoned attempt to spin off its Williams & Glyn business.

RBS has plans to cut its costs by £2bn over the next four years, branches could close and job losses could be the result of this adjustment.

Chief executive Ross McEwan said: “The bottom-line loss we have reported today is, of course, disappointing but, given the scale of the legacy issues we worked through in 2016, it should not come as a surprise.”

“These costs are a stark reminder of what happens to a bank when things go wrong and you lose focus on the customer, as this bank did before the financial crisis.”

The bank has seen £50bn of losses since the £45.5bn taxpayer bailout during the financial crises.

Leave a Commment

CLOSE AD

Sign up to our daily news alerts

[ms-form id=1]