RBS announces £5bn losses

The Royal Bank of Scotland has announced losses of £5.16billion - a fifth consecutive annual loss. Chief Executive Stephen Hester described 2012 as a "chastening" year. It was also revealed the bank paid £607m in bonuses in 2012.

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RBS to release annual figures this morning

The Royal Bank of Scotland will report its annual figures this morning, amid amounting pressure for recovery plans, following a year of scandal.

The bank is expected to unveil plans to float its US retail bank Citizens in a deal that could raise more than £8 billion for the lender.

Annual figures released this morning for RBS Credit: Dave Cheskin/PA Wire

RBS has already announced that around £300 million will be taken from its staff bonus pot and taken from previous awards to help pay for its £391 million Libor fines.

The remaining bonus is likely to be much less than the £785 million paid out in 2011.

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