RBS, which has not made an annual profit since 2007, booked 6.96 billion pounds of losses for 2016, against a 1.98 billion pound loss in the same period a year earlier. Analysts have estimated the bank could have to pay the U.S. Department of Justice as much as 9 billion pounds this year. RBS was the only British lender to fail the Bank of England's stress test in 2016, a sign of how the bank's future is still being dictated by its past. "This is a strong core bank getting masked by all the sins of the past," Chief Executive Ross McEwan said on a conference call with reporters. The British government, which owns more than 70 percent of RBS, has said it will not resume selling its stake until the bank settles its U.S. fine and resolves its state aid requirements.)
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RBS, which has not made an annual profit since 2007, booked 6.96 billion pounds ($8.74 billion) of losses for 2016, against a 1.98 billion pound loss in the same period a year earlier. Analysts have estimated the bank could have to pay the U.S. Department of Justice as much as 9 billion pounds this year. RBS was the only British lender to fail the Bank of England's stress test in 2016, a sign of how the bank's future is still being dictated by its past. "This is a strong core bank getting masked by all the sins of the past," Chief Executive Ross McEwan said on a conference call with reporters. The British government, which owns more than 70 percent of RBS, has said it will not resume selling its stake until the bank settles its U.S. fine and resolves its state aid requirements.
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RBS posts ninth straight annual loss on sins of the past
RBS, which has not made an annual profit since 2007, booked 6.96 billion pounds ($8.74 billion) of losses for 2016, against a 1.98 billion pound loss in the same period a year earlier. Analysts have estimated the bank could have to pay the U.S. Department of Justice as much as 9 billion pounds this year. RBS was the only British lender to fail the Bank of England's stress test in 2016, a sign of how the bank's future is still being dictated by its past. "This is a strong core bank getting masked by all the sins of the past," Chief Executive Ross McEwan said on a conference call with reporters. The British government, which owns more than 70 percent of RBS, has said it will not resume selling its stake until the bank settles its U.S. fine and resolves its state aid requirements.RBS, which has not made an annual profit since 2007, booked 6.96 billion pounds ($8.74 billion) of losses for 2016, against a 1.98 billion pound loss in the same period a year earlier. Analysts have estimated the bank could have to pay the U.S. Department of Justice as much as 9 billion pounds this year. RBS was the only British lender to fail the Bank of England's stress test in 2016, a sign of how the bank's future is still being dictated by its past. "This is a strong core bank getting masked by all the sins of the past," Chief Executive Ross McEwan said on a conference call with reporters. The British government, which owns more than 70 percent of RBS, has said it will not resume selling its stake until the bank settles its U.S. fine and resolves its state aid requirements.
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