This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-29839343
The article has changed 6 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| RBS reserves £400m for currency probe | RBS reserves £400m for currency probe |
| (35 minutes later) | |
| Royal Bank of Scotland has set aside £400m to cover the cost of investigating possible manipulation of the foreign exchange market. | Royal Bank of Scotland has set aside £400m to cover the cost of investigating possible manipulation of the foreign exchange market. |
| The provision, revealed in its third quarter results, follows Barclays' decision to set aside £500m. | |
| Pre-tax profit at RBS came in at £1.27bn - up £260m on the previous quarter and far better than the £634m loss in the same period last year. | |
| RBS also said that it planned to retain Ulster Bank. | |
| The bank's chief executive, Ross McEwan, said that Ulster remained a core part of the bank following a strategic review into its future. | |
| He said early progress had been made towards his goal of making RBS simpler, clearer and fairer, adding: "But we know we still have a long list of conduct and litigation issues to deal with and much, much more to do to restore our customers' trust in us." | |
| The £400m provision for the currency investigation sent the corporate and institutional banking division to an operating loss of £557m. | |
| RBS is among several banks being investigated by regulators over allegations that currency markets were rigged. | |
| The bank also set aside a further £100m to cover the cost of compensation for mis-sold payment protection insurance (PPI). | |
| Total income fell 11% to almost £4.36bn, while operating expenses rose 5% to £3.88bn. |