Royal Bank of Scotland on Friday reported wider first-half losses, 1.3 billion pounds of new litigation charges and axed plans to turn its Williams & Glyn unit into a stand-alone bank, as it braces for post-#Brexit shocks to the UK economy.
RBS, which has not made an annual profit since 2007, booked 2.05 billion pounds ($2.69 billion) of losses for the first half of 2016, up from a 179 million pounds loss in the first half last year.
Chief Executive Ross McEwan is battling to complete a vast restructuring of the taxpayer-backed bank, which includes a raft of asset sales, job cuts and multi-billion dollar charges to settle litigation and pay regulatory fines for past misconduct.
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