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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 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

Bankers ready £5 billion debt financing for Morrisons sale

By Claire Ruckin LONDON (Reuters) - Bankers are working on debt financing packages of around 5 billion pounds ($8.35 billion) to back a potential sale of British supermarket chain Wm Morrison Supermarkets <MRW.L> to private equity funds, banking sources said on Wednesday. The founding family of Morrisons, which own a 9.5 percent stake, has contacted buyout firms to guage their interest in taking the business private after a fall in Christmas sales.

Lloyds bank takes extra £2.0bn hit over mis-selling

Britain's state-rescued bank Lloyds said on Monday it will take an extra hit of almost £2.0 billion ($3.3 billion, 2.4 billion euros) to cover mis-selling claims, but forecast a "small" annual profit. Lloyds, which is 33-percent owned by the taxpayer, added it would seek to resume shareholder dividend payments in the second half of this year, and said it was preparing for the government to sell more of its stake.

Lloyds bank takes extra £2.0bn hit over mis-selling

Britain's state-rescued bank Lloyds said on Monday it will take an extra hit of almost £2.0 billion ($3.3 billion, 2.4 billion euros) to cover mis-selling claims, but forecast a "small" annual profit. Lloyds, which is 33-percent owned by the taxpayer, added it would seek to resume shareholder dividend payments in the second half of this year, and said it was preparing for the government to sell more of its stake.

Lloyds bank takes extra £2.0bn hit over mis-selling

Britain's state-rescued bank Lloyds said on Monday it will take an extra hit of almost £2.0 billion ($3.3 billion, 2.4 billion euros) to cover mis-selling claims, but forecast a "small" annual profit. Lloyds, which is 33-percent owned by the taxpayer, added it would seek to resume shareholder dividend payments in the second half of this year, and said it was preparing for the government to sell more of its stake.

Lloyds bank takes extra £2.0bn hit for mis-selling claims

Britain's state-rescued bank Lloyds said Monday it will take an extra hit of almost £2.0 ($3.3 billion, 2.4 billion euros) to cover mis-selling claims. Lloyds will take a provision of £1.8 billion for claims relating to the mis-selling of payment protection insurance, and £130 million relating to over the mis-selling of interest rate hedging products to small businesses, it said in an update before annual results on February 13, adding it expects to make a "small" pre-tax profit. mg-rfj/yad

Lloyds bank takes extra £2.0bn hit over mis-selling

Britain's state-rescued bank Lloyds said Monday it will take an extra hit of almost £2.0 ($3.3 billion, 2.4 billion euros) to cover mis-selling claims, but expected to make a "small" annual profit. Lloyds, which is 33-percent owned by the taxpayer, added it would seek to resume shareholder dividend payments in the second half of this year, while the lender was preparing for the government to sell more of its stake.

RBS sets aside £3.0 bn for claims, conduct matters

Britain's state-controlled Royal Bank of Scotland said Monday it has set aside more than £3.0 billion ($5.0 billion, 3.6 billion euros) for litigation and compensation claims here and in the United States. The total includes £1.9 billion to cover largely US action over mortgage-backed financial products, RBS said in a surprise statement that sent its shares sliding.

RBS sets aside £3.0 bn for claims, conduct matters

Britain's state-rescued Royal Bank of Scotland said Monday that it has set aside more than £3.0 billion ($5.0 billion, 3.6 billion euros) for claims over conduct issues in Britain and the United States. RBS said it will provide £1.9 billion to cover claims and matters relating to mortgage-backed securities and securities related litigation. It also took another £965 million provision linked to the mis-selling of payment protection insurance and interest rate hedging products to small businesses in Britain, plus £200 million for additional expenses. jmi-rfj/rl
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