Joined Nov 11, 2007
31,929 Blog Posts

$RBS Losses Grow as Provisions for SWAPS Grow

Royal Bank of Scotland Group Plc (RBS), Britain’s biggest taxpayer-owned lender, posted a wider full- year loss after it set aside an additional 1.1 billion pounds ($1.6 billion) to compensate clients wrongly sold insurance and interest-rate hedging products .

The net loss swelled to 5.97 billion pounds from 2 billion pounds in the year-earlier period, RBS said in a statement today. Analysts had predicted a loss of 5.1 billion pounds, according to the median estimate of nine surveyed by Bloomberg. RBS also said it will sell a stake in its Citizens unit in the U.S. and shrink its investment bank to boost capital….”

Full article

If you enjoy the content at iBankCoin, please follow us on Twitter