Last updateFri, 24 Mar 2017 12pm


RBS reports £153m financial losses

Royal Bank of Scotland has reported a half year loss, according to reports.

Announced today, the bank's £153m losses shows a shift in fortunes following the £1.43bn profit a year ago.

Costs almost tripled in the past year to £1.5bn, despite efforts by chief executive Ross McEwan to cut staff and refocus the bank’s activities in the UK.

The lender set aside £1.3bn for lawsuits and customer recompense, while another £459m was earmarked mainly for litigation costs in the second quarter.

Speaking on BBC Radio 4's Today Programme, Ross McEwan discussed fines and probable lawsuits but claimed that “underneath is a very strong bank." He added: “These things are very distracting, so we need to face into these and put our energies into creating a better bank here in the UK."

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