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RBS Posts Biggest Loss Since 2008 as McEwan Begins Overhaul

Royal Bank of Scotland Group Plc posted the biggest full-year loss since its bailout in 2008 as Chief Executive Officer Ross McEwan outlined plans to return what he called the industry’s least-trusted lender to profit.

The net loss widened to about 9 billion pounds ($15 billion) in 2013 from 6.1 billion pounds in the year-earlier period as the lender logged more than 12 billion pounds in charges for impairments, customer redress and legal costs. The pretax operating loss, at 8.2 billion pounds, missed the 5.28 billion-pound estimate of 11 analysts surveyed by Bloomberg.