you are right it is about time they audited themselves and brought out all the dirty washing and had done with > One prays that all current practices are OK _ a culture of top down responsibility would be a great help
I think this is heading south maybe 320 territory, sentiment appears weak and they are again hated all over the media. Dividend appears to have been scrapped till further notice no joy for investors there, no real profit in 2015, and nothing exciting at all happening till 2016. I know the info given by Mcewan was positive for the long term but in the short term i think this is gonna go down. I'm in it for the long haul so i guess its just another buying opportunity.
RBS’s McEwan sallies Forth against self-perpetuating exceptionals: Seven years after a bailout by the state, RBS goes on writing off billions. The total for one-offs on Thursday was £1.75 billion and contained an £856 million provision for such costs as a second round of fines for alleged Forex-fiddling. And this was just in the first quarter. The attributable loss was £446 million, a £1.6 billion year-on-year decline, compared with a £1.6 billion operating profit before nasties higher up the P&L. The bank is set for a £2.8 billion 2015 loss. Analysts hope RBS will reverse out to a pretax profit of about £4 billion in 2016. That year will be “Phase Three” in the timeline of Chief Executive Ross McEwan, when he believes RBS will return to something approaching financial health. This year he is on course to free RBS of its “bad bank” and two-thirds of its stake in Citizens of the U.S., while still cutting costs by £800 million, despite a higher bank levy.
Good post ....could be wrong but from memory what McEwan actually said was that he would not even consider restarting dividends until that level had been reached .Still the DAS situation to be resolved as well . Could be finalised this year but may creep into 2016 . ATB
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