RBS Reports Largest Losses Since 2008

Pre-tax loss for 2013 was £8.2bn, up from £5.2bn in 2012.

Bonuses for the year still amounted to £576m, of which £237m want to the investment banking arm.

Newly appointed CEO, Ross McEwan, estimates that it would take 3-5 years for the bank to recover. He plans for the RBS to be “the number one bank for customer service and the most trusted bank in the UK” by 2020.

Plans are being set to simplify the banks affairs into three customer divisions: personal, commercial and corporate. This will involve £1bn in operational cost savings this year involving reduced staff levels.