RBS posts eighth consecutive loss of £2bn
- Credit: PA
Royal Bank of Scotland racked up its eighth year in a row of annual losses after recently setting aside billions for expected fines and misconduct charges.
The group, which is 73pc owned by the taxpayer, posted a loss of £2 billion, although this is down on the £3.5 billion deficit it reported a year earlier.
The company's bonus pool was cut by 11pc to £373 million for 2015, while chief executive Ross McEwan said he will not take a £1 million 'role-based' incentive, which is paid on top of salaries by some banks.
Mr McEwan also added that in 2016 he will give half of his role-based pay to charity in a bid to defuse what has become an annual pay row at the taxpayer-backed lender.
It will be the third year in a row that the New Zealander, whose base salary is a £1 million a year, will have voluntarily forfeited part of his pay package.
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The losses at RBS come after it said last month it would set aside billions to cover past mistakes as part of a raft of mammoth financial provisions.
The bank said it has set aside £3.6 billion in conduct charges. This includes £2.1 billion to cover expected legal action on US residential mortgage-backed securities, as well as £600 million extra for payment protection insurance (PPI) mis-selling compensation.
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