Royal Bank of Scotland's profitability may not last with DoJ fine looming
24 February, 2018, 05:01 | Author: Darnell Patrick
News stories about Royal Bank of Scotland Group (NYSE:RBS) have been trending positive recently, Accern Sentiment Analysis reports.
However an impending fine from the US Department of Justice is expected to impact the bank's 2018 profits.
That effort included putting aside a further £764m of litigation and conduct costs in the fourth quarter of 2017, including £175m added to the bill for the mis-selling of payment protection insurance (PPI) in the United Kingdom and £135m for "legacy issues" including tracker mortgages in the Republic of Ireland.
COPYRIGHT VIOLATION WARNING: "Royal Bank of Scotland Group (RBS) Posts Earnings Results" was reported by StockNewsTimes and is the sole property of of StockNewsTimes.
The RBS has earmarked 764 million GBP in provisions in the fourth quarter for issues related to its behavior, such as the unlawful sale of pay-back insurance for which it paid 175 million GBP.
The multi-billion pound Department of Justice case may be settled in 2018, though RBS stressed that it had no control over the timing of the resolution.
Chief executive Ross McEwan told the BBC that the return to profit was 'a really symbolic moment, ' adding that 10 years ago, RBS was the largest bank in the world, with a balance sheet of £2.2 trillion, which has now shrunk to about £750 billion.
In 2017, it beat its overall cost reduction target of £750m, taking out £810m overall.
RBS said women held 37% of jobs in its top three layers of management, and the bank is on track to have a fully balanced workforce at all levels by 2030.
Royal Bank of Scotland said today it paid women on average 37% less than men, the latest United Kingdom big bank to disclose how a concentration of males in senior roles skews pay in the financial industry.
RBS's annual report, published alongside the results, showed that McEwan's total pay package fell to £3.49m from £3.7m in 2016 following a decrease in his benefits and long-term incentives.
RBS has in recent months been at the centre of renewed political furore over the mistreatment of thousands of business customers during and after the financial crisis.
The bank said its group bonus pool for 2017 was 342 million pounds, compared with 343 million the year before.
On a wider view of the group, gross new mortgage lending across UK PBB, Ulster Bank RoI, Private Banking and RBS International (RBSI) dropped from £35.8bn in 2016 to £33.9bn in 2017.
How does the bank perform on gender pay? We have delivered on this by resolving a number of our litigation and conduct issues.
The problems over questionable behaviour at its now defunct Global Restructuring Group continue to hang over the bank like a bad smell, particularly given the reluctance of the regulator to sanction the release of the report into the public domain.
Two Carsen Edwards free throws followed by a Carr's missed prayer at the buzzer sealed the game for the Boilermakers. Edwards and teammate Carsen Edwards are among the 20 finalists for the Wooden National Player of the Year Award.
Now Jennifer Aniston and Justin Theroux will have to figure out how to split their assets and move on with their lives. Supposedly, Justin was more and more focused on yourself and your career, while Jennifer was like to appear in public.
The iOS version additionally mentions "Fixes an issue where some third-party apps could fail to connect to external accessories". On its website, updates are titled iOS 11.2.6, watchOS 4.2.3, tvOS 11.2.6, and High Sierra 10.13.3 Supplemental Update.
Her victory Tuesday is the latest in a series of Democratic triumphs in special elections across the country over the past year. Dan Johnson killed himself in December after adamantly denying the sexual assault allegations from the pulpit of his church.
Cyclone Gita now making landfall in New Zealand's South Island Cyclone Gita is making landfall in the upper NW South Island. On Feb. 20, there was a state of emergency declared in the Buller, Grey, Westland, Nelson/Tasman and Christchurch regions.
North Korea's missile and nuclear programme is seeking to develop a nuclear-tipped missile capable of reaching the U.S. mainland. Although South Korea is a close USA ally, animosity between Washington and Pyongyang is still running high.
If you are accessing this article on another domain, it was stolen and republished in violation of US & worldwide copyright law. Opus Point Partners Management Llc bought 5,742 shares as the company's stock declined 25.28% while stock markets rallied.
On the imaging front the Google Pixel 2 (64GB) sports a 12.2 MP Camera with 1080@30fps, 60fps, 120 fps, 720@30fps, 60fps, 240 fps. As part of its President's Day sale in the U.S., Best Buy is offering a $400 discount on the purchase of a Pixel 2 XL.
Apple also already reportedly has a subsequent model in the design stages for 2019, which would add water resistance. What does not appear to be planned are a pair of AirPods that block outside noise or fit in my tiny, tiny ear canals.
The YPG has officially denied that they have agreed to Syrian troops entering the region, according to Kurdish outlet Rudaw. Syrian state TV reported that rebels fired dozens of mortar rounds and rockets at Damascus, wounding eight people.
Sony's ride-hailing service will be based on its artificial intelligence (AI) technology, the company said in a press release . Sony's administrations, including applications, will likewise be offered to other taxi administrators in Japan.
Dropbox seeking to raise $500 million in stock market debut
The filing also said co-founder and Chief Executive Drew Houston (pictured) has 24.4 percent of voting power in the company. It raised almost $2 billion in venture capital and reportedly hit a $10 billion valuation on the private market in 2014.
Ferrari launches new F1 contender
Ferrari have not won the constructors title since 2008 with Raikkonen last winning the drivers title for Ferrari in 2007. "The halo looks different but to be honest we tried it previous year and it wasn't a big difference", Raikkonen said.
International Mother Language Day
For PanSALB, a day is not enough to celebrate our diversity of languages, especially in a country that has 11 official languages. For students, it suggests - observe how many mother languages your fellow classmates can speak.
The Purge Continues: Rays Deal Souza To Diamondbacks
Of the prospects involved in the trade, the left-handed Banda was ranked seventh on the Diamondbacks by ESPN's Keith Law. To make room for Drury on the 40-man roster, the Yankees designated outfielder Jabari Blash for assignment.
Heavy Rain and Some Freezing Rain Potential This Week
A few of the storms could deliver damaging winds with gusts as strong as 60 miles per hour and inch-size hail, forecasters say. Snow showers will move into the area Thursday night , and there will be several more chances for snow into the weekend.