Royal Bank of Scotland cuts costs as losses mount

Feb 27, 2014, 5:31 AM EST
The Royal bank of Scotland was rescued with £45.5 billion of taxpayers' cash at the height of the 2008 global financial crisis.
AFP/File, Will Oliver

Royal Bank of Scotland (RBS) has reported its biggest annual loss since it was rescued by the UK government during the financial crisis in 2008. The bank's pre-tax loss for 2013 was £8.2bn, compared with £5.2bn in 2012. Ross McEwan, RBS' newly appointed chief executive, told the BBC the results were "very sobering".
Background:
Royal Bank of Scotland posts biggest loss in six years [BBC]
Royal Bank of Scotland: $13.7B pre-tax loss [AP]

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