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.


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.