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Standard Chartered bank says 2013 net profit down 16%

Standard Chartered bank on Wednesday said net profit fell more than 16 percent in 2013 as it was hit by impairment charges at its South Korean operations. The London-based but Asia-focused lender said net profit came in at $3.99 billion last year, down 16.65 percent from $4.79 billion in 2012. Operating income fell one percent to $18.67 billion in 2013, compared to the previous year, while annual profit before tax was down 11 percent to $6.06 billion.

RBS draws up rescue plan for Ulster Bank: report

LONDON (Reuters) - Part-nationalized Royal Bank of Scotland <RBS.L> is working on a plan to salvage its troubled Irish business, Ulster Bank, by merging it with a number of rivals, the Sunday Times newspaper reported. Attempts to find a buyer for the business have failed and a team inside RBS is looking at tie-ups between Ulster and other lenders, such as Permanent TSB or the Irish units of Danske Bank <DANSKE.CO> or KBC <KBC.BR>, the newspaper reported.

The great retreat: Taxpayer-owned Royal Bank of Scotland reins in ambitions amid huge losses

LONDON - Royal Bank of Scotland was once the biggest bank in the world. Now it's not even the biggest in Britain. And it is about to get smaller still. RBS was saved in 2008 by a 45 billion-pound (about $80 billion at the time) government rescue after its move to become the world's largest bank through a massive debt-fueled acquisition backfired. The bailout left the British government with an 81 per cent stake — and mounting losses.

RBS bank posts soaring 2013 losses, yet hands out bonuses

Royal Bank of Scotland's losses soared to almost £9.0 billion last year, the state-rescued lender announced on Thursday, while its decision to pay millions in bonuses triggered a political backlash. Net losses widened nearly 50 percent to £8.995 billion ($15.0 billion, 10.9 billion euros) in 2013 on the back of legal charges and the creation of a 'bad bank', RBS said in a results statement. Losses after tax in 2012 had stood at £6.055 billion. RBS promised fresh restructuring that will result in further job cuts.

RBS seeks to regain trust after post-crisis losses hit $77 billion

By Matt Scuffham and Steve Slater LONDON (Reuters) - Royal Bank of Scotland sought to shake off its reputation as Britain's pariah bank on Thursday with plans to cut more costs and reposition itself as a UK-focused retail and commercial lender. New chief executive Ross McEwan is under pressure to restore RBS's standing with its political masters and the general public after a year of fines, customer complaints and technology problems.

Royal Bank of Scotland says 2013 net loss hits £9.0bn

Britain's state-rescued Royal Bank of Scotland plunged into a near £9.0-billion loss last year on vast charges for litigation and the creation of a 'bad bank' division, it said on Thursday. The lender, which is 81-percent owned by the government after a huge bailout during the global financial crisis, added it would seek to slash its cost base by another £5.3 billion in the coming years and warned of more "inevitable" job cuts. Losses after taxation ballooned to £8.995 billion ($15.0 billion, 10.9 billion euros) in 2013.

Royal Bank of Scotland says 2013 net loss hits £9.0bn

Britain's state-rescued Royal Bank of Scotland plunged into a near £9.0-billion loss last year on vast charges for litigation and the creation of a 'bad bank' division, it said Thursday. The lender, which is 81-percent owned by the government after a huge bailout during the global financial crisis, added it would seek to slash its cost base by another £5.3 billion in the coming years and warned of more "inevitable" job cuts. Losses after taxation ballooned to £8.995 billion ($15.0 billion, 10.9 billion euros) in 2013.

RBS to pay $920 million in bonuses for 2013: Sky News

(Reuters) - Royal Bank of Scotland <RBS.L> has received approval from Treasury agency UK Financial Investments to pay about 550 million pounds ($920 million) in staff bonuses for 2013, Sky News reported late on Tuesday. The news service said the bank is expected to disclose the proposed bonuses when it announces its annual earnings, estimated at a loss of about 8 billion pounds.

Tesco pins UK turnaround on price cuts and store revamps

By James Davey and Neil Maidment LONDON (Reuters) - Britain's Tesco <TSCO.L>, the world's third-largest retailer, is to focus on cheaper pricing as it relaxes its view on operating margins and steps up its store revamp program and investment in online and convenience channels.

Tesco says to cut capital expenditure

Britain's biggest retailer Tesco said Tuesday it will continue to invest in its domestic arm and cut annual capital expenditure to no more than £2.5 billion over the next three years. "Reflecting its strategic priorities, the group's capital expenditure will be even more focused on online and convenience growth and on an accelerated refresh programme for its larger stores," it said in a statement issued before a London seminar for investors and analysts.
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