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.
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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.
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Nadkarni said that he had removed a tumor that weighed 1.4 kg (3.08 pounds) from a patient at the KEM Hospital, Pune, in 2002. Pal's wife said that they approached three hospitals for help, but the doctors had all told them the tumor was inoperable.
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.
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.
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.
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