RBS Suffers $8.74B Loss in 2016, CEO McEwan Pledges Cost-Cutting Strategy

[kreslik.news]

The Royal Bank of Scotland Group (RBS) has posted its latest earnings today, which saw a growing net loss in 2016 – the latest picture exacerbated what had already been a downtrodden H1, prompting the lender to embark on an ambitious cost-cutting strategy over the next four years that’s estimated at nearly $2.5 billion.

The latest earnings release today underpins what many shareholders had feared – an inability to return to profitability after seeing its revenues dive by nearly -20.0 percent in H1 2016. 2016 was characterized also by a sizable reduction in its workforce, with the early part of ... (read more)