“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….”
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