The bank - which is 72 per cent-government owned - has racked up more than £50bn of losses since the £45.5bn taxpayer bailout during the financial crisis.
RBS announced in a statement this morning that that its attributable loss had surged to £6.96 billion previous year, up from a £1.98-billion loss in 2015.
RBS is setting aside £6.7bn to cover potential United States fines over the alleged mis-selling of mortgage securities that precipitated the 2008 global financial meltdown. £5.9bn of the loss was in relation to further provisions in relation to conduct charges, while the bank also set aside another £201m in respect of PPI in Q4.
The US Department of Justice is pursuing the bank over the sale of mortgage-backed securities prior to the 2008 financial crisis. The bank plans to reduce its costs by £2 billion over the next four years including £750 million in 2017.
The company said it is targeting a gross RWA reduction of approximately 20 billion pounds across Personal & Business Banking or PBB, Commercial & Private Banking or CPB and NatWest Markets or NWM by the end of 2018, with some offsetting volume growth.
Rockets fleece Lakers in Lou Williams trade
Williams is at $7 million flat for this year and next, while Brewer is owed $7.6 million for 16-17 and $7.5 million for 17-18. Lou Williams , or " Lou Will " as he was immortalized as in Drake's song "6 Man", is the prototypical score-first 6th man.
"We want to grow further, with all segments contributing to this growth", chief executive Kurt Bock said after a weak performance by its oil and gas unit weighed on the group. However, RBS pointed to its underlying profit, excluding one-off hits, of £4.2bn previous year. Deutsche Bank AG upgraded shares of Royal Bank of Scotland Group plc to a hold rating and raised their price target for the stock from GBX 172 ($2.14) to GBX 220 ($2.74) in a report on Wednesday, February 8th. Our customers, our cost base and the measures we plan to implement to return the bank to sustainable headline profits will be where we focus our efforts.
"That may well be the case, there is a decent bank inside RBS struggling to get out, but it's those "one-off items" which pop up with such alarming regularity which keep pushing the bank deep into the red".
RBS has spent some £1.8bn over a number of years on attempting to divest Williams & Glyn.
RBS has already shrunk its workforce from 170,000 to 80,000 since the financial crisis.
Royal Bank of Scotland has posted 1 billion pounds of restructuring expenses in the fourth quarter and has planned to spend an additional 2 billion pounds on the effort over the next three years.