(London Post) Britain’s state-rescued Royal Bank of Scotland (RBS) has announced another annual loss, although the 2015 results came in a lot smaller than those logged in the previous year. Litigation costs are a massive burden.
But investors did not take kindly to the results, with RBS shares slumping more than 9 percent in early trading.
Looking ahead, the lender also pointed to uncertainties surrounding the June referendum on Britain’s EU membership.
RBS Chief Executive Ross McEwan started a massive overhaul of the bank last year that reduced the lender’s investment banking activities and axed thousands of jobs. The group looked set to shift its business towards retail and commercial banking, analysts said.
hg/tko (Reuters, AFP)