In the first nine months of 2016, RBS made a £2.5bn loss after incurring a £469m loss in the third quarter. After a number of failed attempts, RBS said full separation and divestment could not be achieved by the end of 2017. The third-quarter loss was caused by restructuring costs of £469m, largely W&G, a £425m legal bill and a £300m hit due to changes to tax rules. “RBS continues to mislead the market by not making adequate provisions to meet pending legal challenges. RBS did set aside an unspecified sum to cover a £4bn legal claim from investors in relation to its 2008 cash call.

Source: The Guardian October 28, 2016 07:01 UTC