RBS Fails Bank of England Stress Test, Must Bolster Capital

(Reuters) - Royal Bank of Scotland (RBS) will cut costs …

(Reuters) – Royal Bank of Scotland (RBS) will cut costs and sell assets to boost capital levels, it said on Wednesday after failing this year’s Bank of England stress test, which warned of a “challenging” outlook for Britain’s financial system.

State-backed RBS rushed out a statement after the result announcement to say it would take a range of actions to make up the capital shortfall identified by the tests of around 2 billion pounds.

The bank’s shares were down 2.3 percent at 192 pence by 0901 GMT.

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