RBS Big Loss

RBS Big Loss.

The Royal Bank of Scotland (RBS) has reported their biggest annual loss since the financial crisis, which has led to its shares plummeting. The Bank’s pre-tax loss for 2013 is reported to be around £8.2bn up from £5.2bn in 2012.

The bank needed to be bailed out by the government during the financial crisis and as a result of this drop the bank has seen nearly £2bn taken off its stock market value.

The newly appointed chief of RBS Ross McEwan said that the bank would need to be restricted with new focuses on lending to businesses and retail banking and reducing its seven divisions into 3 customer businesses. Mr McEwan also said that the bank is expected to take 5 years to recover.