“We haven’t made money in seven years,” McEwan, 58, said at an Institute of Chartered Accountants in England and Wales event in London on Monday, answering questions as a member of a panel discussing trust in the banking industry. “By the looks of the third quarter we probably won’t in the fourth, but I’m not allowed to say that.”
Bloomberg News reports that the bank has seen revenue evaporate more quickly than it can reduce costs as McEwan takes an axe to RBS’s securities unit. The CEO is shedding assets and eliminating thousands of jobs as he focuses on consumer and commercial lending in the U.K. and Ireland.
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