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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.

Britain to cap cash bonuses at RBS

The British government will extend cap cash bonuses at the state-rescued Royal Bank of Scotland, Prime Minister David Cameron said on Wednesday. Cameron also promised to veto any increase in the overall pay bill at the institution, which faces public anger over a vast bailout at the height of the financial crisis. But bankers at RBS could still be in line for bumper bonuses paid in shares. The opposition Labour party had called on the government to reject a request from the bank for permission to pay bonuses of up to double an employee's annual salary.

Royal Bank of Scotland fined £5.6 mn over accounts

State-rescued Royal Bank of the Scotland has been fined more than £5.6 million, mainly for incorrect reporting of transactions over a six-year period, a British financial watchdog announced on Wednesday. "The Royal Bank of Scotland has been fined £5,620,300 ($8.63 million, 6.51 million euros), the Financial Conduct Authority said. This was for "incorrectly reporting transactions they made in wholesale markets, and in some instances, failing to report transactions at all," the FCA said in a statement.

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

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.

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

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.

RBS to spend 700 million pounds on improving branches

By Matt Scuffham LONDON (Reuters) - State-backed Royal Bank of Scotland <RBS.L> is to invest 700 million pounds between 2013 and 2016 in improving its branches, it said on Monday, part of a continuing shift in focus towards its domestic lending business. The bank, which owns NatWest and Ulster Bank, said the money would be spent on refurbishments across its network of 2,066 branches and initiatives to improve services to its 15.4 million customers within the UK.

UPDATE 5-UK prepares new law to break up errant banks

* New laws will make banks ring-fence retail operations * Break-up threat in place if banks try to flout new laws * Government would make final decision over break-ups * Berlin considering jail for reckless bankers * Will stick to Basel III rules on leverage ratios By Laura Noonan and Matt Scuffham

Broken-up RBS bank may be easier to sell - Posen

LONDON, Jan 21 (Reuters) - Breaking up Royal Bank of Scotland could make it easier to sell the part state-owned British lender, a former Bank of England monetary policy committee member said on Monday. Adam Posen told lawmakers such a step would also boost competition in a market dominated by RBS and three other big lenders - Barclays, HSBC and Lloyds. Britain owns 82 percent of RBS and has a 40 percent stake in Lloyds. The government wants to return both to full private ownership and make a profit for taxpayers.
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