LONDON — The Royal Bank of Scotland on Thursday reported its seventh annual loss, weighed down by restructuring and litigation costs.
The bank, based in Edinburgh, announced another drastic restructuring of its corporate and investment bank, which will result in “substantial” job losses. It will reduce its geographic footprint to about 13 countries, from 38. Risk-weighted assets will be reduced by two-thirds, from £107 billion, about $166 billion, to £35 billion to £40 billion in 2019. About £25 billion is targeted for 2015.
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While the bank’s performance was better than 2013, it continues to be hobbled by legal costs. American and British regulators fined R.B.S. and five other banks a combined £2.6 billion last month for foreign exchange market manipulation.
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