RBS reports £3.5bn loss for 2014

This was down from a £9bn loss the previous year. The BBC reports the bank’s annual results were hit by a £4bn write down on the sale of its US business Citizens. The report added Chancellor George Osborne had written to the bank’s new chairman, Howard Davies, stating he expected no senior executives to take bonuses. He wrote: "I would also expect that, as in the past, no executive directors or members of the executive committee will receive bonuses, despite improved profitability." Davies’ appointment as chairman was also confirmed in the results. He left Phoenix Group to take ove...