The Royal Bank of Scotland's chief executive Ross McEwan has said that the 'bar has been set at a higher' for RBS than other banks because it was rescued at the public's expense.
– RBS chief executive Ross McEwan
The bar has been set at a higher level for RBS than for other UK banks because we were rescued at the public’s expense.
I have asked all our people to embrace the higher expectations that people have placed on our bank.
That’s the only way we will build a really great business for our customers, our people and our shareholders. That’s my aim.
RBS has announced falling profits, amid a damning verdict on its lending record.
But they have decided not to split, and as expected, the dodgy assets have been parcelled up in to new division.
Taxpayer still has huge stake in #RBS who today set out new direction -so the bank can be a boost to the British economy, no longer a burden
Royal Bank of Scotland today reported a sharp fall in operating profits to £438 million for the third quarter, from £909 million a year earlier.
Royal Bank of Scotland is to create an internal "bad bank" with £38 billion of problem assets, it was announced today, avoiding a full split.
Creating an internal "bad bank", rather than carving up RBS, will improve lending to businesses, today's Treasury report is likely to argue.
The 80% state-owned lender is likely to make the announcement alongside its third-quarter results, which are forecast to show operating profits of £800 million in the three months to the end of September, lower than the £1.05 billion reported a year earlier as its investment bank shrinks.
The Royal Bank of Scotland is expected to avoid demands for a full carve-up when the Government rules on the lender's future today.
Soured loans and toxic assets will instead be placed in an internal "bad bank", instead of demanding a full split of the part-nationalised lender, a Treasury-commissioned report is set to say.