RBS sinks to third-quarter loss on misconduct, restructuring charges. #businessnews
Royal Bank of Scotland has reported a £469m loss for the July-to-September period as “legacy issues” continue to overshadow its performance.
The bank received a £45.5bn bailout during the financial crisis and has been tackling a range of problems.
But once restructuring costs and provision for litigation were excluded, the bank made an adjusted quarterly operating profit of £1.3bn.
It said it could not sell its Williams & Glyn bank by the end of 2017.
RBS has been ordered by the European Commission to sell Williams & Glyn in order to prevent the group from having too dominant a position as the UK’s largest lender to small businesses.
Earlier this week, Clydesdale Bank confirmed that it had made an offer for Williams & Glyn after Santander abandoned plans to buy the business.