Royal Bank of Scotland back in the black after a decade
TAXPAYER owned Royal Bank of Scotland is back in profit for the first time in 10 years, making £752million in 2017.
The incredible turnaround after a £6.95billion loss in 2016 was hailed as “a really symbolic moment” by chief executive Ross McEwan.
In 2008 RBS was bailed out by the Government after being brought to its knees after a series of disastrous decisions led by then boss Fred “The Shred” Goodwin and is still 72% owned by taxpayers. Under Mr McEwan, RBS has cut staff numbers by 8.5% and reduced its global reach from 38 countries to 12. Mr McEwan said: “Today this bank is simpler and safer, with colleagues fully focused on customers.” But RBS still faces a multi-billion dollar payout to the US Department of Justice over claims it mis-sold mortgagebacked securities.