RBS, the British bank, has released full year results for the year ended December. The bank has been hit by PPI mis-selling, yet will still pay out $607m in bonuses this year. It states that it plans to further reduce the "scale and scope" of it business.
Capita, the business process outsourcing and recruitment company, released full year results for the period ended December (results). Profit before tax fell to £290.2m from £302.9m in 2011. Property services and parts of their IT business were adversely affected by challenging economic conditions.
International Consolidated Airlines Group (IAG), the airline holding company, has published full year results for the year ended December (results). It has made a pre-tax loss of €997m. IAG made €503m last year. Chief executive Willie Walsh said:
The divergent financial performance of our airlines continued. British Airways made an operating profit of €347 million, including bmi losses, while Iberia made an operating loss of €351 million.
Despite three months of negotiations between Iberia and its trade unions, no agreement was reached on an initial restructuring plan. Therefore, we have announced that Iberia will proceed with a 15 per cent cut in capacity and has started the formal collective redundancy process which will affect 3,807 jobs.