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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.

RBS boss: must pay 'fair' bonuses for investment bankers

LONDON (Reuters) - Royal Bank of Scotland's boss said the bank needed to pay its investment bankers "fairly" despite posting an 8 billion pound loss, to ensure its capital markets business continued to perform. RBS said it would pay 576 million pounds ($958 million) in bonuses for 2013, down 15 percent on 2012. It paid 237 million pounds in bonuses to staff in the Markets division.

RBS says credit rating would be hit by Scottish split

By Steve Slater LONDON (Reuters) - Royal Bank of Scotland said if Scots vote for independence it would probably "significantly" hit its credit ratings. A cut in credit ratings typically increases a company's funding costs. "A vote in favor of Scottish independence would be likely to significantly impact the group's credit ratings and could also impact the fiscal, monetary, legal and regulatory landscape to which the group is subject," RBS said in the risk section of its annual results.

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.

Royal Bank of Scotland posts 2013 net loss of £8.995bn

Britain's state-rescued Royal Bank of Scotland plunged deeper into a net loss of almost £9.0 billion last year on the back of vast accounting charges, it said on Thursday. Losses after taxation grew to £8.995 billion ($15.0 billion, 10.9 billion euros) in 2013, compared with a shortfall of £6.055 billion in 2012, RBS said in a results statement, adding it expected further inevitable job cuts to arise from ongoing restructuring. rfj/yad

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.

Insurer RSA says mulling rights issue

British insurance firm RSA is mulling plans to raise fresh capital via a rights issue or share sale, it announced on Monday. The confirmation follows media reports it was set to launch a fundraising effort this week under new chief executive Stephen Hester, who was formerly boss of Royal Bank of Scotland. "RSA Insurance Group plc notes the recent press speculation regarding a potential rights issue," it said in a brief statement issued ahead of annual results due on Thursday.
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