RBS reports £8.2bn loss for 2013
Shares in Royal Bank of Scotland (RBS) fell more than 7% after the company reported its biggest annual loss since the UK government bailed it out during the financial crisis.
Ross McEwan, RBS's newly appointed chief executive, says the bank is taking a 'back to basics' approach in a bid to return to profit. The lender reported an £8.2bn pre-tax loss for 2013 which is higher than the £5.2bn loss in 2012.
Mr McEwan says the bank is going to improve its service to customers and do away with special deals that penalise customers, such as "teaser" rates on credit cards and preferential online rates that disadvantage branch customers.
Earlier this week RBS announced that up to 40,000 jobs may be cut over the next five years. They may also follow the market trend and reduce their high-street branch presence.
February 28, 2014
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