R.B.S. Posts $1.43 Billion Loss in 2nd Quarter, as Litigation Costs Balloon
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A Royal Bank of Scotland branch in Central London. The lender announced plans last year to dismantle its global investment bank. CreditStefan Wermuth/Reuters
LONDON — The Royal Bank of Scotland said on Friday that it posted a large loss in the second quarter on ballooning litigation costs, as it grappled with restructuring to shift away from being a lender with global ambitions.
The lender, which is 73 percent owned by the British government after a bailout during the financial crisis, announced plans last year to dismantle its global investment bank. It also wants to reduce the number of countries in which it operates, to focus on retail and corporate banking in Britain and Ireland. But it has struggled to rid itself of part of its branch network, and litigation costs have risen sharply…
R.B.S. Posts $1.43 Billion Loss in 2nd Quarter, as Litigation Costs Balloon
