Europe, Financial, Global Banking, News

RBS Preparing for a Multi Billion Dollar Fine from US Department of Justice

RBS Preparing for a Multi Billion Dollar Fine from US Department of Justice

Royal Bank of Scotland will be taking a £3.1bn hit for the cost of a toxic bond mis selling scandal in the US. This hit is going to cost them and push the bank into its ninth consecutive annual loss. The bank has already incurred £50bn of cumulative annual losses since taxpayers pumped in £45bn to keep it afloat.

“Royal Bank of Scotland will be taking a £3.1bn hit for the cost of a toxic bond mis selling scandal in the US.”

~ The Guardian

The bank is putting aside the money for a potential settlement cost with US Department of Justice over the way mortgages were packaged and sold in the 2008 financial crisis.

Related Reports: The Guardian, Sky News

 

About Royal Bank of Scotland

Today’s RBS and its brands are made up of hundreds of past banks. They were all different – large and small, city and country, traditional and innovative – and grew to serve the banking needs of unique communities all over the United Kingdom. Each one has left its mark on our identity today.  The Royal Bank of Scotland was founded in Edinburgh in 1727. It went on to become one of the biggest banks in Scotland.

Visit: Royal Bank of Scotland

 


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