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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Royal Bank of Scotland to sell part of US business

Royal Bank of Scotland has unveiled plans to begin the process of selling some of its US business, Citizens.

Announcing its 2012 annual figures, the bank said in a statement:

The board has decided it is now the right time to begin work on a partial flotation of Citizens, our US banking business, targeted probably at around two years from now.

Citizens is a good business, serving around 5 million customers in the north east of the United States where it is has a strong market position.

It has been substantially improved since 2009 and a local public listing will help to highlight its growing value.

– RBS statement

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