UK bank results: Standard Chartered and Royal Bank of Scotland (RBS) gearing up to post losses for full-year 2015
Two of Britain’s biggest banks are expected to post sharp losses this week when they report full-year results for 2015.
Analysts say Standard Chartered will report significant losses amid steep restructuring costs, while Royal Bank of Scotland (RBS) pre-empted the full-year results last month when it announced a so-called clean-up plan that would hit annual profit by £2.5bn and push the taxpayer-backed bank into a loss for the year.
RBS said at the time that it was setting aside another £500m to pay for PPI claims and £1.5bn for US legal costs, while writing down £498m from its private bank, Coutts.