RBS posted a larger-than-expected full year loss of £6.95 billion after massive litigation and writedown costs hammered the bottom line of the taxpayer owned bank.
Royal Bank of Scotland Plc (RBS) posted a larger-than-expected full year loss of just under £7 billion, the bank said Friday, after massive litigation and writedown costs hammered the bottom line of the taxpayer owned bank.
RBS said its full year loss came in at £6.955 billion ($8.73 billion) for 2016, the bank said, compared to £1.979 billion in the previous year, after litigation and conduct costs reached £5.868 billion and restructuring costs topped £2 billion.
"These costs are a stark reminder of what happens to a bank when things go wrong and you lose focus on the customer, as this bank did before the financial crisis," said CEO Ross McEwan.
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