Sunday, 5 December 2021

Royal Bank of Scotland reports £7 billion annual loss

RBS

LONDON: Royal Bank of Scotland (RBS) has reported a £7 billion annual loss, its ninth consecutive year in the red. The lender, which is 72% owned by the taxpayer, lost billions due to restructuring, conduct and litigation charges. Friday’s figures take into account £10 billion in legacy costs, including £5.9 billion on conduct charges and a £2.1 billion restructuring hit. The group revealed recently it had set aside another £3.1 billion ahead of an expected fine from US authorities – linked to the sale of mortgage-backed securities – which was included in the bank’s results. RBS has now notched up losses totalling more than £50 billion over the past eight years. Chief executive, Ross McEwan, has ordered a £2 billion cost-cutting drive, expected to result in the loss of thousands of jobs. It will include £750 million of savings in 2017.

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