>> Royal Bank of Scotland in the red for a ninth consecutive year, failing to shake off what its CEO calls sins of the past. The bank reporting a loss of almost 7 billion pounds on Friday, a sharp rise from a nearly 2 billion loss from the year before.
The government-backed bank has not made an annual profit since 2007. As the financial crisis hit, it was bailed out in the world's biggest bank rescue. RBS says 2017 will be the final year for losses, as it hopes to close its darkest chapter, racking up more that 58 billion pounds of losses so far.
The bank plans to cut 2 billion pounds of costs, which are likely to hit its branch network, where thousands of jobs have already been cut as more consumers bank online. The loss, RBS says, is partly due to the money set aside to cover fines and legal cost of the United States.
Where analysts estimate the bank could have to pay the US Department of Justice 9 billion pounds this year in penalties for mis-selling US securities backed by toxic mortgage loans. The British government owns more than 70% of RBS and says it will not sell its stake until the bank settle this US problems.