RBS shares fall as bank posts ninth consecutive year of losses

Recorded losses of £7bn

Shares in the Royal Bank of Scotland dropped 2.1% to 244.2p in early trading as the bank, which is 72%-owned by the taxpayer, posted its ninth consecutive year of losses.

The bank reported losses of £7bn, compared to the loss of £2bn in 2015, as it continued to be plagued by problems stemming from the global financial crisis in 2008. City banks warn of staff relocations after Brexit According to the FT, RBS' total losses amount to £58bn since the bank's £45.5bn bailout in 2008. The firm said they plan to cut costs by £2bn over the next four years, which will be done through job cuts and branch closures with a view to returning to profit in 2018. Laith Khalaf, senior analyst at Hargreaves Lansdown, said: "RBS is still paying for the sins of the pa...