RBS will today launch a new plan to slash costs and re-focus on the
Analysts expect it to take up to 2018 for the bank to return to profitability - meaning it will have taken a full decade for the lender to recover from the credit crunch.
The bailed-out bank is forecast by analysts to report losses of more than £7bn for 2013, its worst year since the height of the financial crisis in 2008.
As part of its plan to slim down it last night announced the sale of the rest of its stake in insurer
The bank's 423.2m shares give it a 28.2 per cent stake, which at last night's closing price of 263p is worth £1.11bn.
During a three-hour event this morning for customers, staff and press, new boss
That is likely to include speeding up the sale of its US bank Citizens as well as cutting more investment banking operations. RBS is also expected to shed more branches and retail staff. Technological advances in the industry mean fewer customers visit branches, making room for cost cuts on the ground.
"This is a significant day for RBS - it will be recognition that after six years of heavy losses RBS is unable to grow its revenues to restore profitability and so has to take further very radical action to take costs out of the business," said Investec analyst
And JP Morgan's
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