Royal Bank of Scotland Group

IMF to urge Britain to dump shares in Lloyds and RBS

Agence France-PresseMay 21, 2013 17:00

The International Monetary Fund (IMF) is set to tell the British government to dump its stakes in Royal Bank of Scotland and Lloyds following their bail-out during the financial crisis, The Times reported on Tuesday. An IMF report on the state of the British economy to be released on Wednesday will call on finance minister George Osborne to dispose of the government's 81 percent stake in RBS and 39 percent stake in Lloyds, despite the potential loss to the taxpayer, according to a report on the paper's website.

Royal Bank of Scotland axes 1,400 more jobs

Agence France-PresseMay 16, 2013 16:30

State-rescued Royal Bank of Scotland axed 1,400 more positions on Thursday, taking the total number of job losses close to 40,000 since its vast state bailout at the height of the global financial crisis. "RBS has announced plans to restructure its retail head office functions in the UK. The changes will result in 1,400 job losses over the next two years," said in a statement. A company spokesman told AFP that the latest round of losses took the total job cuts to 38,900 over the past five years, as the bank has sought to transform its fortunes.

Royal Bank of Scotland announces further 1,400 retail banking job cuts in Scotland, England

The Canadian PressMay 16, 2013 11:16

LONDON - Royal Bank of Scotland says it is cutting 1,400 jobs from its retail banking operations over the next two years. The bank says the latest round of cuts affects support staff. Around half of those affected are based in Edinburgh, and most of the rest are in London. The bank has already slashed thousands of jobs since it was rescued by the British government in 2008 during the financial crisis.

Royal Bank of Scotland names Van Saun CEO of US business Citizens

The Canadian PressMay 11, 2013 20:31

LONDON - The Royal Bank of Scotland says it has named Bruce Van Saun chief executive of Citizens Bank, its U.S. business, ahead of its expected partial stock market flotation. Van Saun, currently RBS's finance director, will replace Ellen Alemany, who is retiring after more than six years. Nathan Bostock, currently RBS's chief risk officer, will replace Van Saun. RBS CEO Stephen Hester says 55-year-old Van Saun, who is originally from New Jersey, will lead Citizens in the run-up to the anticipated flotation.

RBS set for return to profit, BNP Paribas to slide

Thomson ReutersMay 7, 2013 13:25

LONDON/PARIS (Reuters) - Royal Bank of Scotland <RBS.L> is expected to report its first quarterly profit in 18 months on Friday, the fruit of efforts to focus on bread and butter lending and shed the high risk assets that led to its public bailout in 2008. The outlook for European banks as a whole remains shaky, with France's biggest bank BNP Paribas <BNPP.PA> expected to post a slump in earnings in its own results on Friday.

RBS returns to profit, to finish restructuring in 2014

Thomson ReutersMay 7, 2013 13:01

LONDON (Reuters) - State-backed Royal Bank of Scotland <RBS.L> reported its first quarterly profit in 18 months on Friday and said it expected to complete its restructuring during 2014, potentially enabling the government to start selling shares. RBS, which is 82 percent-owned by the taxpayer, made a pretax profit of 826 million pounds ($1.3 billion), compared with a loss of 1.5 billion pounds in the same period last year. Analysts had forecast a profit of 800 million pounds.

Royal Bank of Scotland returns to profit in Q1

Agence France-PresseMay 3, 2013 19:00

Royal Bank of Scotland returned to profit in the first quarter with net earnings of £393 million ($610 million, 467 million euros) after a hefty loss a year earlier, the state-rescued lender said Friday. RBS said its profit after tax for the January-March period compared with a net loss of £1.545 billion in the first quarter of 2012 -- when the value of the bank's outstanding debt had significantly increased. "These results show pleasing progress in delivering a strong and valuable RBS for all our stakeholders," the bank's chief executive Stephen Hester said in a statement.

Taxpayer-owned RBS says UK government should be able to sell stake in bank within a year

The Canadian PressMay 3, 2013 06:00

LONDON - Royal Bank of Scotland predicted Friday that the government should be able to start selling its stake within a year, as it reported a first-quarter profit of 393 million pounds ($611 million), up from a loss of 1.5 billion a year earlier.

Royal Bank of Scotland eyes return to private sector

Agence France-PresseMay 3, 2013 05:45

State-rescued Royal Bank of Scotland plans a return to the private sector next year following a massive restructuring programme, it said on Friday as it also announced a swing back into profit. RBS chairman Philip Hampton said that the Edinburgh-based bank hoped to begin offloading the government's 81-percent stake from the middle of next year or possibly earlier.

Royal Bank of Scotland returns to profit in Q1

Agence France-PresseMay 3, 2013 03:00