RBS Investment Bank Posts Loss on FX Probe, Fixed Income
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Royal Bank of Scotland Group Plc’s investment bank lost money in the third quarter, bucking the improving trends at the rest of the U.K.’s largest taxpayer-owned lender.
While most of the 557 million-pound ($891 million) loss at the corporate and institutional unit was due to a 400 million-pound provision set aside for costs stemming from a currency-rigging probe, RBS also made less in fixed income as Chief Executive Officer Ross McEwan continues to shrink the investment bank and take on less risk.