Royal Bank of Scotland (RBS), the bank that is now majority owned by the UK taxpayer, today reported a loss of £857 million for the first three months of the year after a £4.9 billion write down on failed investments and toxic loans all but wiped out its profits, according to The Times .
Between January and March, RBS made a £4 billion operating profit, which does not include any costs, impairments or tax charges, mainly due to a strong performance from its global banking and markets division, which covers its investment banking business. However, operating profits were wiped out by a £4.9 billion impairment charge, with the recession, lower interest rates and bad debts had taking their toll "across all businesses and sectors." Full story...
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