RBS Loses £5.2bn, CEO Warns Of Another 'Choppy Year'


Royal Bank of Scotland has reported its fifth annual loss since it was rescued by the government in 2008.

BBC News reports that the bank made a pre-tax loss of £5.17bn, hit by a series of charges. The year before, it lost £766m.

In a statement, the bank said it had been a 'chastening' year, during which it sought to 'put right past mistakes'.

CEO Stephen Hester said: 'RBS is four years into its recovery plan and good progress has been made. We are a much smaller, more focused and stronger bank. Our target is for 2013 to be the last big year of restructuring. There will be important work still to do, but an increasingly sound base from which to work.

'As the spotlight shifts to the ‘new RBS’ post restructuring, we are determined that it will show a leading UK bank striving to be a really good bank. By serving customers well RBS can become one of the most respected, valued and stable of banks. That is our goal'.

RBS lost £5.2bn in 'chastening' year

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