Royal Bank Of Scotland Posts 2bn Loss

The Royal Bank of Scotland (RBS) has faced significant financial losses since its bailout by British taxpayers. Despite a recent interest rate cut by the Bank of England, reversing these losses remains challenging. RBS has incurred substantial charges for misconduct and legal actions, including PPI misselling compensation. However, its core operations have shown some profitability. The bank is halfway through a five-year turnaround plan, which involves job cuts and aims to improve financial stability. The likelihood of taxpayers recovering the bailout cost appears slim.

What challenges does RBS face in terms of profits according to the text?

What is the significance of the £45 billion cost mentioned in the text?