Tweet
From the AAD Media Section
Originally posted by 5corpio
Royal Bank of Scotland reports annual loss of £1.13bn
Royal Bank of Scotland (RBS) has reported a loss of £1.13bn for 2010, a bigger figure than analysts had been expecting. However, this is an improvement on the £3.6bn loss the bank made in 2009, and the £24.3bn loss it made in 2008.
Money put aside for bad loans fell by 33% compared with a year earlier, to £9.3bn.
The government still owns an 83% stake in RBS after bailing the bank out during the financial crisis of 2008. Last week, Barclays bank - which received no direct government funding - reported profits of £6.1bn for 2010. 'Step change'
The majority of the loss incurred in 2010 was due to a net exceptional charge of £1.1bn related to the government's Asset Protection Scheme, designed to insure banks against.....Read more here
So what do we do................................?.......Read On Below.....
RBS Slashes Annual Loss And More Jobs
Royal Bank of Scotland has warned of more job losses despite shrinking its annual attributable loss to £1.125bn in 2010. The bank has shed approximately 24,000 jobs since the beginning of the financial crisis.Last year's loss figure is less than a third of the £3.6bn of 2009 and is in line with analyst expectations.
The 'attributable loss' refers to the loss to shareholders, and includes a £1.116bn charge related to the Government's asset protection scheme (APS).
Read more Here
Royal Bank of Scotland reports annual loss of £1.13bn & RBS Slashes Annual Loss And More Jobs
More than 100 staff at state-owned lender Royal Bank of Scotland earned more than £1m last year, despite Government attempts to restrict bankers' pay.
Sir Philip Hampton, chairman of RBS confirmed that more than 100 employees received £1m or more for their performance in 2010, but said the number was lower than the preceding year.
Average pay for the 19,500 staff in RBS's investment banking arm fell by just over £18,000 per employee to £144,012 and about a quarter of staff in the division received no bonus at all for last year.
Those who did receive bonuses had the cash element capped at £2,000 and the rest will be paid in the form of bonds convertible into RBS debt that will pay out over.....Read more from Todays Telegraph
Lord Turner, the chairman of the Financial Services Authority, may be regretting his unequivocal pledge that his organisation would produce its full and final report on the collapse of RBS “in March”. The month is now upon us and it seems the date has already slipped.
The reasons why are instructive. As we reveal today in our investigation into the collapse of one of the world’s largest banks, the processes behind any major calamitous event are complicated and interlinked.
To get to a “public account of the reasons for the failure of RBS” – Lord Turner’s description of what the FSA would produce – is a serious undertaking. While we might want a pantomime villain to play the role of scapegoat, life, as we know, is often more....Read more HERE from the weekend Telegraph
UPDATE:
FSA delays RBS inquiry as new evidence emerges
Publication of the Financial Service Authority's highly-anticipated report on Royal Bank of Scotland has been delayed by a month as doubts increase over the thoroughness of the regulator's investigation into the bank's collapse in late 2008.
Read more Here