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Royal Bank of Scotland posts £3.5bn loss for 2014

  • RBS has posted a yearly loss of £3.5 billion, down from the previous year’s £9 billion loss.

    The British state-owned bank is dealing with a £4 billion write down on selling its US business, Citizens.

    In a letter, the chancellor of the exchequer George Osborne has cautioned the new chairman of the bank, Howard Davies, against giving bonuses to top executives. The bank should continue showing “responsibility and restraint”, Osborne said.

    Tagged as: RBS, writedown, US business Citizens, Howard Davies, George Osborne, UK bank, business news