Photo: AFPLondon: Royal Bank of Scotland Group Plc said it will take a £3.1 billion ($3.8 billion) charge in its fourth-quarter results, as the lender used other banks’ settlements to estimate the impact from a US probe into sales of mortgage securities. RBS has now taken £6.7 billion of provisions related to as many as 15 mortgage investigations and lawsuits, and said further charges may still be needed. RBS is among the final global lenders yet to settle in a years-long probe that’s garnered more than $50 billion in penalties for the DOJ since it began investigating the pre-crisis sale of mortgage bonds. RBS investors, including the UK government, are paying a “heavy price for decisions made by RBS before the crisis. RBS sold $32.1 billion, more than Deutsche Bank and Credit Suisse combined.

Source: Mint January 26, 2017 09:35 UTC