Royal Bank of Scotland reports ninth year of losses

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Royal Bank of Scotland has reported a £7bn annual loss as legacy issues continued to dog its performance in 2016.

Litigation costs, restructuring charges and other issues all contributed to the bank's ninth consecutive annual loss.

RBS set aside £5.9bn for conduct costs, including provisions for the US fine over mortgage-backed securities.

RBS - which is 72%-owned by taxpayers - is also planning cost savings, which will mean job cuts and branch closures.


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