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The Daily Telegraph reports that revenues from Royal Bank of Scotland's markets division are forecast to have fallen about a quarter year-on-year, with analysts at Investec predicting the business to have produced a 'uniquely poor' performance.
The fall in earnings follows renewed calls by the UK government for RBS to continue shrinking its investment banking unit as well as the fallout from the Libor-rigging scandal that led to the resignation of the business's CEO, John Hourican.
'The key area of concern in the first quarter is likely to be markets division, where we expect a uniquely poor revenue performance, in the most important revenue quarter of the year, reflecting a combination of enforced leadership change after RBS' initial Libor settlement, impaired morale following a fairly indiscriminate Libor-related bonus 'claw-back'', said Ian Gordon at Investec.
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