Bloomberg News reports that the bank’s corporate and institutional bank, or CIB, which houses the securities unit, posted a loss of $1.5bn for the third quarter, compared with a loss of $854m last year, RBS said in a statement Friday.
The division lost $411m when costs tied to litigation and restructuring are excluded, compared with a profit of $32.2m last year. That was more than the $345m estimate of Chirantan Barua, an analyst at Sanford C. Bernstein Ltd.
The division’s revenue fell by nearly half to $670m.
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