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RBS posts seventh straight annual loss, but most jobs cut in Asia and US

by kyna-admin on March 1st, 2015

The bank, which has now reported seven straight losses adding up to £49.7bn since its 2008 bail-out, also said it would slash thousands more jobs (mostly in Asia and US) in a dramatic restructuring of its investment bank, exiting two-thirds of the unit’s geographies and cutting around £70bn of assets.

Shares in the bank, which briefly traded at a four-year high above the 407p that is deemed the taxpayer’s break-even price on its 80pc stake, slumped 4pc on Thursday, after the bank reported the loss and said it would spend billions more on restructuring.

RBS’s Corporate & Institutional Banking division, which employs around 16,000 people, will shrink faster than the bank had originally planned, as it rolls back the global expansion that saw RBS briefly become the world’s biggest bank before the crisis under Fred Goodwin.

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