RBS reported first quarter pre-tax profit of £826m

Royal Bank of Scotland. Credit: David Cheskin/PA Wire

The Royal Bank of Scotland reported a first quarter pre-tax profit of £826 million earlier this month.

The bank's chairman Sir Philip Hampton said he expected RBS, which is partly owned by the taxpayer, to return to the private sector in just over a year.

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RBS to cut 1,400 jobs

RBS has told staff that 1,400 of them will lose their jobs over the next two years.