RBS: Falling profits with dodgy assets in a new division

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.

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RBS avoids 'bad bank' split

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. The bank is also to create an internal 'bad bank' with £38bn of problem assets, avoiding a full split.