RBS Echoes Barclays's Warning of Persistent Misconduct Costs
- Banks set aside more money for misconduct in third quarter
- RBS, Lloyds, Barclays all missed analysts' profit estimates
The Royal Bank of Scotland Group Plc (RBS) building in London.
Photographer: Matthew Lloyd/BloombergThis article is for subscribers only.
Royal Bank of Scotland Group Plc said there’s a risk that costs for past misconduct will keep rising and took a restructuring charge of 847 million pounds ($1.3 billion) in the third quarter as Chief Executive Officer Ross McEwan seeks to clean up the lender.
Pretax profit before one-time items and restructuring costs fell to 842 million pounds from 2.05 billion pounds a year earlier, Edinburgh-based RBS said in a statement on Friday. Analysts forecast a profit of 988 million pounds, according to the average of eight estimates in a company-compiled survey.