LONDON (AP) — Taxpayer-owned Royal Bank of Scotland says it has set aside an additional $3.8 billion to cover fines and litigation costs related to its sale of bonds backed by U.S. subprime mortgages before the global financial crisis.
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.
New evidence is emerging that virtual currencies and distributed ledgers, like bitcoin, are gaining strength in emerging economies by cutting out huge fees charged by local banks and financial institutions.
The usually reserved Royal Bank of Scotland (RBS) just told its clients that with emerging market trade as measured by the cost of ocean shipping plunging since August by 67 percent, 2016 will be a “cataclysmic year” and investors should “sell everything.”
Contents: Iran captures ten American sailors in Persian Gulf hours before Obama speech; Royal Bank of Scotland predicts sharp 2016 recession, says ‘Sell everything!’; Suicide bombing in Istanbul Turkey kills 10 tourists
From The Telegraph: RBS has advised clients to brace for a “cataclysmic year” and a global deflationary crisis, warning that major stock markets could fall by a fifth and oil may plummet to $16 a barrel. The bank’s credit team
Britain took a 1.1 billion pound loss on its first sale of shares in Royal Bank of Scotland (RBS) (RBS.L) on Tuesday, sparking accusations from opposition politicians of an unnecessarily rushed and costly disposal. The UK government sold a 5.4
