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RBS was downgraded last night by credit ratings agency Moody’s which said the bank’s latest structural reforms will “depress profitability” at a time when the bank has little money to spare should things go wrong. The bank announced plans to slash costs and streamline the business last month, and Moody’s said the aim itself is [...]
Another bout of bonuses-related news – this time going to directors at RBS. It’s handed out as much as £18.25m of long-term share awards to the 11 members of its executive committee. The 81 per cent state-owned lender, which reported a £8.2bn loss in 2013, risks political and public vitriol, as the spotlight remains on [...]
RBS SHARES dived as the bank yesterday revealed an £8.2bn loss for 2013, and warned it will be years before there is even a chance of turning a profit on the taxpayer’s stake. The latest losses mean the bank has now lost £45bn in the six years since the financial crisis struck, amounting almost exactly to [...]
EVEN inanimate objects are hell bent on reiterating RBS’s poor results. The temperature outside the RBS building in Spitalfields yesterday morning exactly matched its £8.2bn losses. (Spotted by Chris Stevenson of Emanate London)
BRITAIN’S top share index edged up yesterday, lifted by positive US data and assurances from Federal Reserve chair Janet Yellen, despite a sharp sell-off in Royal Bank of Scotland and increasing tension over Ukraine. RBS skidded 7.7 per cent as its new chief exec outlined plans for a large-scale overhaul after the mostly state-owned lender [...]
Following some worringly poor results this morning, and raised eyebrows, given the bonuses still being doled out to staff, there's news this afternoon that RBS has suspended the payment of bonuses to executives of its Global Restructuring Group (GRG), reports from the FT. That's the unit alleged to have deliberately put small and medium-sized (SME) [...]
Despite its ongoing efforts to deleverage and tighten its belt, RBS's results this morning were considerably weaker than expected. Pre-tax loss came in at £8.2bn – a 25 per cent miss versus consensus – and the bank set aside £3.8bn for litigation and PPI mis-selling – one of the things that hit earnings. The woeful [...]
Shares in AstraZeneca, the drugs giant, jumped nearly 5 per cent yesterday after it won a key patent battle in America over Seroquel, its anti-psychotic drug and second-best seller. The decision by a US court to award a summary judgment in AstraZeneca’s favour avoids the need for a full trial and means that generic copies [...]
Sir Fred Goodwin has reiterated Royal Bank of Scotland’s stance on acquisitions in America, saying there are no plans for further deals following last year’s purchase of Charter One Financial. In an interview with news agency Bloomberg in New York, the Edinburgh bank’s chief executive said: “Organic growth is our number one priority (in America).” [...]
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