RBS pushed into loss by Greek crisis and PPI costs
Originally posted by 5corpio
Royal Bank of Scotland has reported a half-year loss after taking a £733m provision for its exposure to Greek government bonds. RBS - 84%-owned by UK taxpayers - reported losses after tax of £1.4bn for the six months to 30 June.

RBS also allocated £850m to cover claims for the mis-selling of Payment Protection Insurance (PPI). Chief Executive Stephen Hester also confirmed the bank would cut about 2,000 jobs in the next 12 to 18 months.

"We are forced to stay efficient and that will mean ongoing tight attention to costs," said Mr Hester.

It is not known where the job cuts will fall. RBS has cut 27,500 jobs since the financial crisis in an effort to cut its

Read more on this story: BBC News - RBS pushed into loss by Greek crisis and PPI costs