RBS in the red for ninth year in a row

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Royal Bank of Scotland boss Ross McEwan insisted the lender was on its way back to health after a “remarkable journey” despite reporting a ninth straight annual loss of £6.96bn.

The state-backed lender remained mired in multi-billion pound costs linked to its record a decade ago when it careered out of control and had to be rescued during the financial crisis.

Now it faces a further period of change as Mr McEwan sets his sights on cost cutbacks of £2bn over the next four years including £750m this year to help it return to profit – and he acknowledged this will mean more job losses.
The result leaves the bank, which includes NatWest as well as the RBS brand, looking some way from a return to the private sector after its £46bn bail-out.

A Royal Bank of Scotland branch is seen in central London, Britain February 21, 2009. REUTERS/Luke MacGregor/File Photo - RTSMO9B
A Royal Bank of Scotland branch is seen in central London, Britain February 21, 2009. REUTERS/Luke MacGregor/File Photo – RTSMO9B

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