RBS Slips Into First-Quarter Loss on Currency-Rigging Charge
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Chief Executive Officer Ross McEwan is shrinking the bank’s trading division and retreating globally to focus on U.K. consumer and commercial lending.
Royal Bank of Scotland Group Plc posted a larger loss than analysts estimated in the first quarter as Britain’s biggest government-owned bank set aside more money for restructuring and currency-manipulation probes.
The net loss was 446 million pounds ($687 million) compared with a 1.2 billion-pound profit in the year-earlier period, the lender said in a statement on Thursday. That’s below the 175.5 million-pound loss average estimate of four analysts surveyed by Bloomberg. Conduct and litigation charges were 856 million pounds, including 334 million pounds toward settling allegations traders manipulated currency benchmarks…
RBS Slips Into First-Quarter Loss on Currency-Rigging Charge
