RBS sees double loss in investment banking

RBS appoints Ross Mcewan still

Royal Bank of Scotland has said the loss at its investment bank almost doubled as CEO Ross McEwan dismantles the division and scales back trading businesses amid lingering costs for litigation.

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. 

To access the complete Bloomberg News article hit the link below:

RBS Investment Bank Loss Almost Doubles as Overhaul Continues

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